Crypto analysts indicate that altcoins might have more room for growth, as they’ve surged recently without significantly taking away from Bitcoin’s market dominance.
“BTC’s lead isn’t even being challenged, and altcoins are soaring,” remarked crypto analyst Matthew Hyland on his social media account recently.
Bitcoin Records Three Days of New Highs
According to TradingView, Bitcoin’s dominance stood at 64.46% at publication, a slight drop of 1.53% from the previous week. Nonetheless, altcoins reached an all-time high on Wednesday and Thursday, climbing to $118,760 by Friday.
Hyland pointed out, “If that number falls from 65 to 45, what do you think might happen?”
Analysts typically look at Bitcoin’s dominance to gauge when an altcoin season is at hand—this usually signals that altcoins are beginning to capture more market share.
Despite Bitcoin’s share being relatively stable, the recent surge in altcoins suggests that new investments could be entering the market.
MemeCore (M) was the standout among the top 100 cryptocurrencies, showing a remarkable 1,263% increase in just a week, followed by Mog Coin (MOG) with a 75.01% rise and Stellar (XLM) increasing by 67.43%, according to data from CoinMarketCap.
Ether (ETH), the second-largest cryptocurrency by market value, saw a growth of 17.68% over the past week, often indicating traders’ shifting focus from Bitcoin to the broader market.
Traders Predict a “Final Easy” Altcoin Season
The ETH/BTC ratio, which compares the strength of Ether against Bitcoin, rose by 8.39% in the last week.
Yet, the CoinMarketCap Altcoin season index still points to a robust Bitcoin presence, currently assessed at 29 out of 100 on the “Bitcoin Season” scale.
In a recent post, Michael van de Poppe, the founder of MN Trading Capital, expressed, “I think we’re witnessing what could be the ultimate, most significant bull run for altcoins.”
Meanwhile, firm Santiment has reported metrics suggesting that an altcoin season is underway, saying, “The data is confirming that for now.”
They also mentioned that if Bitcoin can maintain a critical support level around $110,000, traders are likely to continue reallocating profits to altcoins.
