After Bitcoin dominance dropped below 50 percent in the past few days altcoin Discussions about the start of the season triggered.
Discussions regarding the start of the altcoin season have gained momentum in recent years with the decision made by Ripple regarding their XRP sales. With XRP sold on exchanges not being considered a security, most altcoins previously referred to as unregistered securities have had a bullish outlook.
For example, according to the latest crypto market data, XLM price gained more than 85 percent in July alone, while XRP and Chainlink (LINK) gained over 53 percent in the same period.
SOME SAYING #LOWER SEASON IS ALREADY HERE
NEWS CONTINUES BELOWI say .. Where exactly. We have had some pump, but if we are at #subseason then you just wait when we get a true one. That comes if we break that resistance trend line 💯 pic.twitter.com/F1JUZ91Z2i
— Crypto Tony (@CryptoTony__) July 21, 2023
NEWS CONTINUES BELOW
According to Crypto Tony, a popular crypto analyst with more than 320,000 followers on Twitter, alt season hasn’t officially started yet. From a technical point of view, the analyst argued that there is increased volatility only in certain projects. As a result, Crypto Tony expects a ‘real’ season to begin after the market has broken above the macro resistance trend.
Notably, the analyst expects the total altcoin market cap excluding Ethereum to rise from $356 billion to $480 billion currently. The altcoin market has higher volatility than Bitcoin due to its lower market cap and increased demand.
You can follow the current price action here.