In a tweet from 29. In March, analyst Filbfilb, co-founder of the Decentrader Chamber of Commerce, announced that conditions were finally right for a new altcoin boom, with total market capitalization reaching a new high of nearly $750 billion.
Capitalization of the altcoins market. Source: Coinmarketcap.clm
Bitcoin’s dominance is at its lowest level since October 1, 2009
Given the current BTC/USD spot price, the combined altcoin market capitalization in US dollars, and the dominance of bitcoin in the market, Filbfilb has summarized the market in a way that will be music to the ears of altcoin traders around the world.
Alt szn, he noted, suggesting that it is a common name for the phenomenon where altcoins rise when bitcoin cools or hardens after its own price spike.
The alternate season was planned three years ago. As reported by Cointelegraph, expectations of a broad altcoin rebound have long been high, but ultimately failed to materialize.
But now that bitcoin has consolidated after hitting a record high of $61,700, circumstances seem to have worked in the traders’ favor.
At the time of writing, bitcoin’s market dominance stood at 59.4%, its lowest level since late October 2020.
Graph of market dominance by cryptocurrencies. Source: CoinMarketCap
The latest catalyst is likely Visa, which announced on Monday that it would take over the settlement of stablecoin USD Coin (USDC), using the Ethereum blockchain. In response, ETH/USD posted a modest gain of 4.8%, with the largest altcoin’s market share still down from January.
Nonetheless, the stage is set for what Michel van de Poppe, an analyst at Cointelegraph, predicts as a very bullish summer for altcoins, especially as the market’s capitalization reaches new heights and approaches $750 billion.
Ethereum is going to take everyone by massive surprise, he wrote of Visa’s decision.
Previous price forecasts for ETH/USD include $5,000 and even $10,000 as medium-term estimates.
Altcoins are in good shape, adds analyst Scott Melker.
Low for BTC?
For bitcoin, signs of a bullish comeback remained muted Monday after markets hit the February high of $58,300.
Intraday activity was nonetheless strong, with the pair up more than 4% in the past 24 hours.
So market participants are debating whether last week’s jump from $50,000 is the latest low in an ongoing consolidation phase.
It could very well be that BTC is down, ventured popular Twitter account Rekt Capital on Monday.
If true, this means that the $BTC has bottomed for the second time this year after a two-week retracement. The average retracement for bitcoin in 2017 was ~16 days.BTC/USD retracement chart. Source: Rekt Capital/Twitter
Meanwhile, BTC/USD circled the $58,000 level and showed resilience at the start of its last block of resistance before re-entering uncharted price territory.
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