Originally published on: September 23, 2024
In recent weeks, altcoins have been showcasing resilience amidst Bitcoin’s recovery, sparking speculation among traders about the potential onset of an altcoin season.
**Bullish Signs for Altcoins**
Notable figures in the crypto community, such as ParabolicPump from Crypto Capital, have pointed out the bullish momentum in various altcoins. Analysts like 360Trader have noted that the total crypto market capitalization excluding Bitcoin and Ether is testing a crucial level.
**Turning the Tables on Bitcoin Dominance**
Bitcoin’s dominance in the market is also facing scrutiny, with indications of a downward trend from its rising wedge. Analysts predict that a break in Bitcoin’s dominance could prompt traders to shift their investments towards alternative coins.
**Altcoins Poised for Growth**
The altcoin market capitalization, as highlighted by analysts like Moustache, is showing signs of a breakout from a descending broadening wedge. Positive indicators such as the RSI and moving average convergence divergence (MACD) suggest a bullish trend for altcoins.
**The Path to Altcoin Season**
Despite optimistic technical indicators, it’s crucial to note that the altcoin season index by Blockchain Center signals that the full-fledged ‘altseason’ might still be on the horizon. Data suggests that only a fraction of the top 50 altcoins have outperformed Bitcoin in recent months, indicating that the shift to an altcoin season might not be imminent.
**Stay Informed**
This article serves as a guide for market trends and does not constitute financial advice. Investors are encouraged to conduct thorough research before making any investment decisions, as the crypto market carries inherent risks.
**Key Takeaways:**
– Altcoins show strength amid market recovery.
– Bitcoin dominance faces potential decline.
– Altcoin market capitalization signals growth.
– ‘Altseason’ might be on the horizon, but caution is advised.
– Conduct research before making investment decisions.
