With Bitcoin, the largest cryptocurrency asset by market cap, facing strong price hurdles, most investors are now turning to altcoins as the coins have recently demonstrated significant positive price performance, fueling optimism about an impending altseason in the short term.
Altcoins Take Center Stage In The Market
In a surprising shift within the cryptocurrency market, altcoins are gaining notable momentum and surpassing Bitcoin in the most recent market. Alphractal, an advanced platform for investment data analysis, pointed out the development in a recent post on the X (formerly Twitter) platform, capturing the attention of the crypto community.
This indicates that investors are currently looking to capitalize on alternative coins as BTC’s dominance has taken a hit. Although Bitcoin’s dominance has waned, significant assets like Ethereum, Solana, and Cardano have outperformed the relatively sluggish performance of Bitcoin.
As altcoins are beginning to take charge of the market, Alpharactal has pointed to a clear trend for the tokens in the past few months. According to the platform, about 44 out of 61 altcoins outpaced Bitcoin in the last 30 days. Meanwhile, just 9 out of 61 alts have outperformed Bitcoin in the last 90 days, demonstrating the potential of these coins in the short and long term.
Excluding Ethereum and all stablecoins from the Altcoin Dominance analysis, the platform noted that the development will result in a pattern resembling that of 2019 and 2020. Thus, with their higher growth potential than Bitcoin, the platform highlighted that these projects may be an excellent opportunity to begin building a portfolio.
The post read:
When we exclude Ethereum and all stablecoins from the Altcoin Dominance analysis, we see a pattern similar to what happened between 2019 and 2020. This could be a prime moment to start accumulating solid projects, as they show greater potential for growth compared to BTC.
Alphractal’s insights come in the midst of renewed optimism around the tokens as several analysts are bullish about their performance in the short term. One of the crypto analysts who has demonstrated his optimism towards the coins is Michael Van De Poppe, the Chief Information Officer (CIO) of MN Consultancy.
Have The Tokens Bottomed Out?
According to Van De Poppe, both altcoins and Bitcoin have bottomed out, suggesting that the recent price downturns could mark the end of the bearish trend. This sentiment has sparked investors’ optimism, as they see possibilities for a new positive cycle in the cryptocurrency market, with both BTC and alts potentially primed for recovery.
Van De Poppe noted that numerous technical indicators indicate that the Bitcoin pairs of various altcoins have been rising. Thus Poppe is confident that the upcoming months will be great, foreseeing a potential rally.
While the expert anticipates a great season for the coins, he underlined that the state of the altcoin markets is currently in a boring state. Particularly, this state is the period of accumulation leading up to a new push.
Featured image from iStock, chart from Tradingview.com
Powered by WPeMatico
