Bitcoin’s Declining Metric: A Potential Catalyst for Ethereum (ETH) and Solana (SOL) Price Surges
- Bitcoin’s dominance in the crypto market could be set to decline, potentially signaling the start of a new altcoin season.
- Top altcoins Ethereum, Solana, and BNB have seen significant gains in the last 24 hours, despite some bearish technical indicators.
- Crypto analysts suggest that a similar trend to the altcoin accumulation phase of 2020 could be on the horizon.
Bitcoin’s potential dominance drop could signal a surge for altcoins, as Ethereum, Solana, and BNB show promising gains despite mixed technical indicators.
Is a new Altcoin Season on the Horizon?
Bitcoin has had a productive 24 hours, climbing back above $63,000. As is often the case, many altcoins followed suit, showing green on their charts. However, this performance has led to a decrease in Bitcoin’s dominance, hitting a critical level that could suggest a new altcoin season is imminent.
Analysts Predict a Surge in Altcoin Market Cap
Crypto-analyst Captain Faibik recently highlighted an interesting development on Twitter. According to his analysis, Bitcoin’s dominance is moving inside a rising wedge pattern, suggesting that BTC dominance could fall in the coming days. This would be a positive sign for altcoins, as their market cap is likely to surge. Another analyst, Mags, also pointed to a historical event in 2020 when the altcoin market was in an accumulation phase, which ended in a massive bull rally. Mags believes a similar trend could be on the horizon, potentially leading to a significant increase in altcoin market capitalization.
Top Altcoins Show Promising Gains
Ethereum, the king of altcoins, saw its price increase by more than 4.5% in the last 24 hours, trading at $3,111.72 with a market cap of over $373 billion. BNB and Solana also tur... Read the full article for FREE at COINOTAG!
