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A New Record Just Came to Bitcoin Only Two Weeks Ago! So When Will the Big Altcoin Season Start? The Analysis Company Announced!
While the leading cryptocurrency Bitcoin (BTC) is racing from record to record, the expected rally in altcoins, including Ethereum (ETH), has not materialized.
"Especially with Ethereum, most altcoins are quite far from their previous ATHs, while the cryptocurrency analysis platform Alphractal stated that the current data suggests that the altcoin season may start soon."
At this point, according to Alphractal, the data shows that altcoins may gain momentum soon and that Bitcoin's dominance could be surpassed.
Altcoin Dominance Signals!
Alphractal stated that both Bitcoin and altcoin dominance are approaching a critical threshold that could trigger a new altcoin rally.
Accordingly, Bitcoin dominance reached a peak of over 64%, and in the past, when Bitcoin dominance began to decline from its peak, altcoins experienced a significant surge sometimes rising up to 50 times.
Alpharactal stated that the data shows the dominance of altcoins excluding stablecoins such as USDT and USDC has fallen to 28.4%. This figure indicates a very significant support area in the past and a potential rally.
At this point, according to the data, generally when the altcoin dominance is around 24% to 25.3%, it is a sign that these altcoins are preparing to rise again. And now that the altcoin dominance is approaching this support level again, altcoins may be ready for another major rally.
Alphractal also examined altcoin dominance excluding Ethereum and stablecoins, stating that it is at %18.92.
Stating that this figure is very close to 18%, which has been a strong support level for many years, the analysis company said that when this level was reached in the past, Bitcoin dominance often fell and altcoins experienced a new rally.
*This is not investment advice.
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