Amid the ongoing surge in Bitcoin’s value, the altcoin market is slowly gaining momentum with notable players like Chainlink (LINK), Solana (SOL), and Aave (AAVE).
Bitcoin’s dominance reached a two-year high, peaking at around 54 percent after a recent breakout.
The anticipation of approval for a Bitcoin spot ETF has prompted approximately $66 million in crypto inflows during the past week.
In the past 24 hours, Bitcoin (BTC) surged to a 16-month high, filling an important CME gap around $35,000. While the altcoin market followed suit, it didn’t exhibit the expected volatility.
As a result, crypto traders are now looking for potential bullish trades in the altcoin market. Furthermore, the overall crypto trading volume soared to over $111 billion on Tuesday, with many investors holding stablecoins like Tether (USDT).
With the entire crypto market in a bullish state, crypto analyst Captain Faibik believes that altcoins could benefit significantly if Bitcoin dominance continues to decline in the coming days. He argues that Bitcoin dominance has been on a logarithmic upward trajectory year-to-date, making a correction increasingly likely as it approaches the upper border.
The onset of an “altseason” could see Ethereum (ETH) rallying beyond $2,100, followed closely by Solana (SOL) crossing the $32 mark in the near future. Additionally, a report by CoinShares reveals that Solana and Ethereum are the most popular altcoins this year, with cash inflows of about $15.5 million and $7.4 million in the past week, respectively.
The altcoin market has displayed several potential breakouts in recent days. Meme-inspired tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), which have gained notable fundamentals in recent months, are among the frontrunners. Additionally, tokens like Sui (SUI) and Binance Coin (BNB) are emerging as potential breakout candidates.
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