For many weeks, the broader market has remained on the edge, waiting for the confirmation of the altcoin season. During this period, altcoins have shown a glimpse of what’s possible as prices have jumped.
Despite the optimism, some of the top altcoins have struggled to keep up with the uptrend. Amid these swings, new predictions have emerged.
Catalysts Are Ready for Altcoin Season, Analyst Proclaims
One of the major predictions that has emerged is from Michaël van de Poppe, the founder of MN Trading.
According to van de Poppe, Bitcoin (BTC) will continue to lag behind altcoins for the remainder of the year.
In his article posted on X, the analyst admits that BTC has been performing well. However, he opined that recent history rarely favored Bitcoin dominance in the second half of the year.
“In the past three years, the markets have seen a case where the first half of the year has been bearish for altcoins while the second half of the year is the bullish year for altcoins.” He explained on July 17.
At press time, BTC trades at $64,706, a decrease from $66,189 on July 17.
Read More: 10 Best Altcoin Exchanges In 2024
Additionally, van de Poppe stated the upcoming launch of the spot Ethereum ETFs may also be a catalyst. In previous articles, BeInCrypto explained how this is instrumental in validating the altcoins season. However, a look at the top gainers out of the top 100 shows that many altcoins are performing better than BTC.
Should more altcoins continue to edge Bitcoin in terms of gains, then the altcoins season could get closer.
Altcoins’ Market Cap Ascends: Will It Keep BTC Out?
However, it is important to consider an indicator like TOTAL2. This indicator shows the total market capitalization of the top 125 cryptocurrencies, excluding BTC. If this indicator increases, it means many altcoins are performing better than Bitcoin.
But if the value falls, BTC outperforms the average altcoin. As seen in the chart below, the market cap of the top 125 cryptos increased from $873.11 billion to $1.07 trillion between July 8 and 17.
This ascent further backs the notion that altcoin season is on the radar even though there has been a slight drop.
Furthermore, the Relative Strength Index (RSI), which measures momentum, is above the signal line. If this reading continues to jump, then altcoin prices may move in the same direction.
Read More: Which Are the Best Altcoins To Invest in July 2024?
As things stand, Bitcoin’s dominance may begin to fall in the coming week in anticipation of the launch of the Ethereum ETFs. If this is the case, the market may experience a lot of volatility, and altcoin prices may begin to aim for new highs.
However, altcoin season could be pegged back if BTC price revisits its all-time high before many other top cryptocurrencies
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Be the first to comment