After trading in red for the past few weeks, the crypto market is showing signs of a big opportunity for altcoin investors. With the altcoin market cap already plunged from a January high of $1.64 trillion to $931 billion, top analyst Darkfost believes that it is the perfect moment to buy altcoin as we’ve officially entered a “buying zone.”
On top of that, Bitcoin dominance is on the brink of a major collapse, hinting that altseason could be just around the corner!
According to analyst Darkfost, current altcoin trading volumes have entered a key accumulation phase, making this an ideal time to begin buying altcoins using dollar-cost averaging (DCA).
Looking at the Darkfost shared chart, it shows a crucial trend in altcoin trading volumes. As it compares the 30-day trading volume for stablecoin pairs with the yearly average. When the 30-day volume drops below the yearly average, it has often been a good time to buy.
Right now, that signal has appeared again, suggesting that the market is in a buying phase. The last time this happened was in September 2023, just before altcoin prices started rising.
Bitcoin’s dominance (BTCD) plays a crucial role in determining whether the altcoin season is about to begin. Since hitting a cycle low in January, BTC dominance has been steadily rising and currently stands at 63.50%.
According to crypto analyst Mister Crypto, Bitcoin dominance has reached a key resistance level while following a rising wedge pattern. This pattern is often seen as a bearish signal, meaning a strong pullback could be coming soon.
Mister Crypto’s chart highlights a situation similar to 2021, when Bitcoin dominance dropped sharply. Back then, this decline led to a massive altcoin rally. If history repeats itself, Bitcoin dominance could see a significant drop, possibly by 30x.
However altcoin season index has dropped to a low of 18, signaling that altcoins are currently underperforming compared to Bitcoin.
This index tracks the performance of the top 50 altcoins and compares their gains against Bitcoin. A low score means Bitcoin is dominating the market, while altcoins are struggling to keep up.
The cryptocurrency market recorded more than $841 million in total forced liquidations during the last…
Ever since the start of the week, the Bitcoin price has been facing significant bearish…
Nimanode, the first no-code AI agent platform built natively on the XRP Ledger (XRPL), is…
With Bitcoin (BTC) ranging between $105,000 and $110,000, attention is gradually shifting to altcoins, causing…
The crypto markets are consolidating ahead of the $5 billion liquidity entering the space, as…
Per reports from crypto commentators, the Ripple price might be soaring to $5 in the…
