Bitcoin Hits New Record Just Two Weeks Ago! So When Will the Big Altcoin Season Begin? Analysis Firm Explains!

While the leading cryptocurrency Bitcoin (BTC) was running from record to record, the expected rally in altcoins including Ethereum (ETH) never came.

While most altcoins, especially Ethereum, are still far from their previous ATHs, cryptocurrency analysis platform Alphractal said that current data suggests that the altcoin season could soon begin.

At this point, according to Alphractal, data suggests that altcoins could soon gain momentum and overtake Bitcoin’s dominance.

Altcoin Dominance Signals!

Alphractal said that both Bitcoin and altcoin dominance are approaching the critical threshold that could trigger a new altcoin rally.

Accordingly, Bitcoin dominance has peaked at over 64% and in the past, when Bitcoin dominance started to fall from its peak, altcoins experienced a massive rally, sometimes as much as 50 times.

Alpharactal said the data also showed that altcoin dominance, which excludes stablecoins like USDT and USDC, has fallen to 28.4%, a figure that has historically been a crucial support area and points to a possible rally.

At this point, the data generally suggests that when altcoin dominance is around 24% to 25.3%, it’s a sign that altcoins are getting ready to rally again. And now that altcoin dominance is approaching this support level again, altcoins could be poised for another big rally.

Alphractal also examined the altcoin dominance excluding Ethereum and stablecoins and said it was also 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.

“1-Altcoin Dominance (excluding all Stablecoins) 2-Altcoin Dominance (excluding ETH and all Stablecoins)

…..While we cannot claim that these support levels alone confirm the start of an Altcoin Season, they are highly relevant signals that have a strong probability of recurrence and present meaningful opportunities in the cryptocurrency market.”

*This is not investment advice.