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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Apr 13, 2024 12:37 UTC
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History Repeating? Altcoin Market Hints at Massive Bull Run Soon, Claims Top Analyst
A crypto analyst suggests a recent market dip might be followed by a big rise in altcoin prices, similar to past trends.
The analyst also points to a decline in Bitcoin dominance, which has historically coincided with altcoin seasons.
Rising trading volume in altcoins is another sign of a potential altcoin season approaching.
Every dip and rise sets off a storm of speculation in the crypto world. Recently, respected analyst Mikybull Crypto has stirred excitement by suggesting that the recent dip in the altcoin market might be a sign of an upcoming surge.
Let’s explore these insights to uncover what might be brewing in the crypto world.
Altcoin Market Set to Explode?
In a recent analysis by MikybullCrypto, attention has turned to the Altcoins Market Cap, excluding Bitcoin and Ethereum. This metric has caught the attention of many for its resemblance to past trends during the 2021 altcoin seasons.
Mikybull Crypto’s charts show a recurring pattern: the altcoin market cap takes a brief dip before soaring upwards. This pattern, reminiscent of past cycles, has sparked speculation among traders and investors. If history repeats itself, this dip could signal a promising phase ahead for altcoins, offering potential opportunities for investors.
Also Read: Top 7 Altcoins to Buy for 20–50x Growth Post Binance Listing
Altcoin-Bitcoin Dominance
Digging deeper, the analysis reveals an interesting relationship between altcoin market cap and Bitcoin dominance. As altcoins gain momentum, Bitcoin’s dominance is expected to decline. Altcoin dominance is inching up to 11.75% while Bitcoin remains at 55.65%, indicating a potential altcoin season on the horizon.
This relationship mirrors historical trends, where altcoin surges coincide with a decrease in Bitcoin dominance.
Signs of Altcoin Fever
Another indicator of an approaching altcoin season is the surge in trading volumes across various altcoins. Increased trading activity reflects growing market participation and liquidity, setting the stage for heightened price volatility and potential profit opportunities.
This Might Interest You: $936 Million Liquidated in Bitcoin Bloodbath: Time to Panic or Strategic Opportunity?
Are You Spotting the Signals?
In the volatile world of crypto, significant price breakouts often signal the onset of an altcoin season. Altcoins like Solana have recently made headlines by breaking through key resistance levels. However, astute traders understand that monitoring these breakouts isn’t just about witnessing excitement; it’s about seizing emerging trends and capitalizing on potential profits.
Are you doing so?
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