The cryptocurrency market has had a turbulent week, swinging between sharp pullbacks and brief rallies. After Federal Reserve Chair Jerome Powell’s remarks at Jackson Hole on Friday, Bitcoin staged a dramatic rebound, jumping from $110,000 to nearly $117,000 within hours. Ethereum also stole headlines by hitting a fresh all-time high at $4,900. But as quickly as momentum arrived, the market has cooled again, leaving traders trying to read the next move.
One development stands out: Bitcoin dominance is slipping. Currently hovering around 57%, this decline shows capital rotating into altcoins. The pattern is similar to earlier bull market cycles, where Bitcoin rallies first, stalls, and then altcoins take the stage.
Historically, August has been a slow month for crypto markets. In 2021, momentum didn’t return until late September.
The fall in Bitcoin dominance, combined with Ethereum’s breakout, hints that altcoins may be on the verge of their own season. If history repeats, the next few weeks could see liquidity pour into a wider set of projects.
In a recent interview with Coinpedia, market analyst Lennaert Snyder outlined where he sees the greatest long-term opportunity beyond Bitcoin and Ethereum. His focus is on Layer-1 blockchains with thriving ecosystems and Ethereum Layer-2 networks that enhance scalability.
He said that Arbitrum and Optimism are the two Ethereum Layer-2s poised for lasting success, with Arbitrum being his top pick thanks to its developer activity and adoption.
“I also believe ETH L2s will continue to play a major role in scaling Ethereum. That’s why I see Arbitrum and Optimism as strong long-term plays, with ARB as my favorite,” he said.
On the Layer-1 side, Snyder pointed to Solana (SOL), Sui (SUI), Tron (TRX), and Injective (INJ) as projects with solid fundamentals. Each, he argued, brings unique strengths, particularly in DeFi and stablecoin markets, making them stand out for long-term accumulation.
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