The cryptocurrency community is currently engaged in discussions regarding the potential for the next altcoin season, which coincides with Bitcoin's price retest at $31k. Historically, altcoins have offered higher profits than Bitcoin, albeit with increased risk.
However, the movement of cash from Bitcoin to top altcoins and low-cap gems during market cycles suggests another season of bullish gains may be imminent.
Coinpedia reports that, a prominent analyst suggests that newer altcoins have a higher potential to outperform older ones due to factors like fresh charts and increased appeal.
BTC Price
Despite this, the analyst believes that Bitcoin (BTC) will continue to dominate the bullish uptrend in the upcoming weeks. From a price perspective, the analyst expects Bitcoin's rally to persist until its dominance reaches 58 percent.
The recent breakout of BTC dominance after a two-year downtrend is strongly correlated with altcoin performance. The current phase resembles a significant accumulation range, which could lead to similar patterns observed in the past, involving fakeouts and both upward and downward movements.
Excluding Bitcoin and Ethereum, the analyst is convinced that the altcoin market has a higher likelihood of experiencing another bullish phase before the anticipated major crypto bull run, set to occur next year after the halving event.
Despite the mixed regulatory landscape, the crypto market has held steady at a valuation of approximately $1.22 trillion.
The rising demand from institutional investors, with BlackRock leading the way through its Bitcoin ETF, indicates that mainstream adoption is on the horizon.
A recent study conducted by Triple-A reveals that the global crypto user base stands at around 420 million, with Asia boasting the highest number of users, exceeding 260 million.
As the crypto market undergoes a retest at $31k for Bitcoin, discussions about the next altcoin season have taken center stage in crypto social media. While altcoins present higher profit potential, the associated risks must be considered.
The analyst suggests that altcoins, excluding Bitcoin and Ethereum, may experience a bullish outlook before the anticipated major bull season next year.
Despite regulatory challenges, the crypto market’s valuation remains resilient at $1.22 trillion, driven by increasing institutional interest, exemplified by BlackRock’s Bitcoin ETF. With a growing global user base, crypto adoption continues to expand, particularly in Asia. [pc]
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