- Two phases of altseason are anticipated in this cycle, one imminent in 2-3 months and another towards the end of the year.
- Ethereum and Solana stand out with outperformance in their prices, evidencing a growing interest in the altcoin market.
We are on the threshold of a bullish season for alternative cryptocurrencies, or “altseason,” according to key market indicators. The monthly Relative Strength Indicator (RSI) for Bitcoin dominance suggests we are at all-time highs, with no precedent for outperformance in the past.
This data points to the fact that Bitcoin’s dominance, which peaked at 56%, could be giving ground, potentially marking the beginning of a favorable period for altcoins, which are gradually capturing more liquidity from the Bitcoin market, as we have mentioned on ETHNEws.
Trend observation shows that the relative highs in Bitcoin dominance are declining, an indication that altcoins could be about to experience a boom.
The projection estimates that this phenomenon could occur in 2-3 months, anticipating not just one, but potentially two bull phases for altcoins within the current market cycle, with the second marking the close of the bull market towards the end of the year.
Among the cryptocurrencies highlighted in this context, Ethereum (ETH) recently surpassed the $4,000 barrier, while Binance Coin (BNB) maintains a price above $500, approaching the $520 resistance threshold .
Solana (SOL) has posted an impressive surge, reaching new yearly highs above $150, thanks to its growing adoption and investor interest .
On theother hand, XRP has experienced a slight drop of 2.84% in the last week, while Dogecoin (DOGE) and Cardano (ADA) show a stronger performance, with respective increases above 5% and an advance above $0.72 for ADA, despite a slightly bearish trend in the cryptomeme sector.
In addition to Ethereum, which is holding firm above the psychological $4,000 level, Avalanche (AVAX), Polkadot (DOT) and Chainlink (LINK) have also posted gains, especially in the run-up to the Nvidia GTC 2024 Conference, due to the growing interest in artificial intelligence-related cryptocurrencies.
📈 Monday's #altcoin breakout was boosted by major distributions from #Bitcoin's latest new #AllTimeHigh. $BTC saw a +55% social volume rise, and $ETH's discussions +60%. Top cap notable 24-hour price gainers are:
🪙 $LTC +19%
🪙 $XRP +18%
🪙 $TON +18%https://t.co/OwJOMhW3bS pic.twitter.com/naMDhQQ7Fb— Santiment (@santimentfeed) March 12, 2024
Meanwhile, altcoin season traditionally drains liquidity from the Bitcoin market, the scenario for 2024 could differ, extending its duration due to the unique characteristics of the current bull market.
