Crypto:
30188
Bitcoin:
$68.864
% 2.48
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 68.864
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Altcoin Market Soars as Bitcoin Dominance Declines

Altcoin

The altcoin market has surged, and this has led to new expectations of the onset of the altseason. Experts are abuzz with anticipation after the total altcoin market capitalization has risen recently and Ether is part of the total. Ether, one of the most popular altcoins, has risen by 27% over the past week and this has made it popular among traders and analysts.

Key Resistance Levels and Market Predictions

The overall market capitalization of altcoins at this point in time is estimated to be around $1.16 trillion, or 15% higher than the previous two weeks, TradingView data showed. This surge has brought the market cap close to the resistance levels of mid-March when it reached $1. 2 trillion.

On the 26th of May, the well-known trader ‘Trader Tardigrade’ provided tips to his 50,000 followers on X, that has hinted at the fact that the altcoin market could triple its total market value if it starts to breakout from an ‘inverse head-and-shoulder pattern’ He also went on to say that ‘it is expected to breakout in the next few weeks based on the pattern.’

In the same way, trader and analyst ‘Rekt Capital’ pointed out that the altcoin market cap is in the process of establishing the highest weekly close since the beginning of April 2024. Technical analyst ‘Yoddha’ was also hopeful, saying, “Expect some insane pump in alts when this breaks above the weekly resistance” in his post on X on May 26. Another analyst with the moniker ‘Moustache’ also had a positive outlook and informed his 120k followers, “Altseason is imminent.”

Bitcoin Dominance Declines as Altcoins Strengthen

In the past, Bitcoin prices have led, then Ether, and finally the rest of the altcoins have tended to follow. This pattern demonstrates how capital is flowing down the chain into lower-cap coins. In the last two weeks alone, the market share of Bitcoin has reduced by 3.7 percent to a level of%53.9, which point further to the improvement of the altcoin markets.

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As noted by the MN Trading’s founder Michaël van de Poppe in a post on X on May 25, the recent market correction of around 25% affected altcoins with a 50-70% correction. Van de Poppe stated that this cycle might bring the total market capitalization to $15 trillion, 450% of today’s $2.7 trillion.

The total capitalization of crypto-markets has oscillated in the range of $2. 9 trillion in mid-March and a low of $2.3 trillion on May 1, as per the data available on CoinGecko. This range-bound movement over the last three months has made the ground for further big movements as the market conditions change.

With the altcoin market picking up pace and Bitcoin’s market share declining, the chances of a healthy altseason improve. The market is expected to have much movement in the forthcoming weeks, with analysts and traders on the lookout for the above changes.

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