The altcoin industry has continued to bleed to Bitcoin (BTC), as depicted by the rising market dominance. According to the latest market data, Bitcoin dominance hovered around 56.20 percent on Wednesday, as Bitcoin price slipped below $66k again.
With the Bank of Japan (BoJ) recently increasing its policy rate by 25 basis points, attention now turns to the US Federal Reserve, which is anticipated to maintain its interest rate at 5.50% later today. This move could signal a continued correction phase for the crypto market, particularly for Bitcoin and Ethereum (ETH).
Here’s what you should know.
August has historically not been the most bullish month for the crypto industry, especially during a halving year.
According to renowned crypto analyst Benjamin Cowen, the altcoin market is expected to hit its lowest point in August but might start to recover in September. This forecast hinges on the potential for the US Fed to lower its benchmark rate next month.
Market intelligence platform Santiment has highlighted conflicting signals regarding the potential for an altseason. On one hand, Ethereum saw a two-month high in exchange outflows, exceeding 80,000 units. On the other hand, Tether (USDT) experienced a five-month high in exchange outflows, totaling around $346 million.
This increase in stablecoin outflows often suggests a decrease in overall purchasing power.
Despite these mixed signals, some altcoins are showing promising signs of a bullish breakout. Ripple-backed XRP, for example, has begun to decouple from the broader crypto market, signaling a recent bullish trend.
Similarly, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have been accumulating gains over the past five months, pointing towards a potential bullish breakout.
In positive news for major layer one projects, Solana (SOL) and Cardano (ADA) have received significant regulatory clarity in the United States. This follows the SEC’s decision to drop its investigation into securities law violations, providing a boost of confidence to these key players in the crypto space.
Also Read : Bitcoin Bull Flag Incoming: Corrections Could Be Just Noise—Here are the Targets for the BTC Price Rally!
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