a new altcoin Season (the mass rise of altcoins) is coming – at least that’s what some market experts think. since the beginning of October bitcoin It has had a massive upswing, but a similar rally has yet to come from altcoins. There is a general belief in the market that altcoins will follow the current Bitcoin rise.
As people around the world continue to learn about cryptocurrencies, more capital is entering the digital asset space. Most individual investors are accompanied by Bitcoin in this entry. But over time, most of them turn to the altcoin market after Bitcoin.
Technician Hoca, one of the domestic traders, also signals that a similar movement will occur in the coming days:
Money flows to bitcoin rather than altcoins. The analysis is valid.
Dominance continues to rise slightly. It is possible to rise up to around 49-50.
Usually, there are such images before altcoin rallies.
For now, altcoins continue to be crushed…https://t.co/n9G2jT2S9F
— Technician Teacher (@TeknikciHoca) October 11, 2021
Another analyst following Bitcoin market dominance is Crypto Messi. Cryptocurrency The analyst, who is closely followed by his community, is of the opinion that “Altcoins will also come next”:
At the moment, there is no altcoin season, there is a Bitcoin season. In the moments when Bitcoin is resting, altcoins will give short-term buying opportunities. I will share when opportunities come.#bitcoins
— Crypto Messi (@Kriptomessi) October 11, 2021
Trader Emre İşlek, who is closely followed by the Twitter crypto community, shares similar sentiments and warns investors not to panic sell.
With the dominance skyrocketing, altcoins have dropped drastically. If you have held altcoins so far, do not be afraid to sell them now.
Positive divergence is forming in Eth/Btc and rsi is in trend support. The upside here is very likely. #bitcoins pic.twitter.com/GGp3f9QEl7— Emre Islek (@Emreislek) October 11, 2021
A clearer prediction of when the altcoin season will come comes from another domestic market expert, Con Snov. The analyst states that he does not expect an altcoin season unless Bitcoin market dominance reaches 70 percent.
According to our previous experience, the BTC-based subseason #btc with the rally #dom. It starts after reaching 60-70%. When we take this as a basis, it is very wrong to expect a Btc-based subseason. dome at the bottom #btc He hasn’t been rallying for a long time. https://t.co/gA9b9oyp98
— Con Snov 🇹🇷 (@consnovvv) October 12, 2021
Market dominance indicates how the market cap of a given currency compares against the total market cap of tradable cryptocurrencies. As can be seen, the market dominance ratio can be used as an indicator that guides the strategies of the traders. At the moment, the general view in the market is that altcoins will take action with a falling Bitcoin dominance rate.
Finally, it is worth noting that Bitcoin market dominance is at 46.55% – it was last at these levels in early August.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.