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In a recent analysis by the Wolves of Crypto, attention has shifted from Bitcoin to altcoins as the cryptocurrency market enters a bullish phase. With investors eyeing major gains in alternative cryptocurrencies, the question on everyone’s mind is: Has the altcoin season begun?
The Wolves of Crypto shared about the current market dynamics, highlighting the growing interest in altcoins as Bitcoin continues its upward trajectory. Despite the surge in altcoin prices, the analyst warned that the true altcoin season has yet to commence.
“Altcoin season has not started yet,” stressed the analyst. He pointed to the Bitcoin dominance chart, which has remained relatively stable for the past four months, indicating that altcoins are not yet outperforming Bitcoin broadly.
The analysis delved into the concept of altcoin season, explaining that altcoins surpass Bitcoin in performance, usually accompanied by a decline in Bitcoin dominance. However, with Bitcoin dominance rising, the analyst suggests that the altcoin season may be delayed.
The Wolves of Crypto outlined two potential scenarios for the future market trajectory. The first scenario dubbed the “super cycle,” posits that Bitcoin dominance will continue to rise, delaying the onset of the altcoin season until later in the year. Alternatively, the “regular cycle” approach predicts that Bitcoin dominance will decline following the upcoming halving event, potentially heralding the beginning of the altcoin season.
He said that right now, Bitcoin is still doing better than other cryptocurrencies. While he thinks altcoins might become more popular in the future, it hasn’t happened yet. He showed a chart comparing Bitcoin to other cryptocurrencies like Ethereum. It showed that Bitcoin is doing pretty well, almost reaching its highest point again. Ethereum and other cryptocurrencies are still far from their highest points. So, even though some altcoins are doing well, Bitcoin is still the big winner for now.
#PriceAnalysis #Altcoins [Source: Coinpedia]