Solana surged 17% from Friday's lows as profits rotated into altcoins, signaling a potential shift in market dynamics.
BTC dominance at 60% nears the 58% threshold, which could trigger altcoin season amid growing institutional and pro-crypto policies.
With positive momentum driven by a wedge breakthrough and increasing trade volumes, the cryptocurrency market cap exceeded its previous all-time high.
The cryptocurrency market shows strength, with Solana leading after rising almost 17% from Friday's lows. This performance comes amid Bitcoin and Ethereum trading sideways, consolidating after upward movements.
When major cryptocurrencies settle, altcoins have historically performed better because profits shift to smaller-cap assets. The present dominance of Bitcoin is around 60%; a decline below 58% is anticipated to signal the beginning of a full-fledged altcoin season.
https://twitter.com/WuBlockchain/status/1858704018933268902 Solana’s Strong Rally Signals Altcoin Momentum
As the market is ready for a possible change, Solana's 17% gain demonstrates the increased interest in cryptocurrencies. Furthermore, SOL's performance demonstrates how, when major coins consolidate, profits frequently shift into smaller-cap cryptocurrencies.
Moreover, pro-crypto sentiments surrounding the Trump administration and anticipated Federal Reserve rate cuts add momentum. Investors speculate that these developments could propel the altcoin season into full swing within the coming months.
BTC’s dominance plays a crucial role in determining market sentiment. At 60% dominance, the threshold for altcoin season nears. However, BTC remains well-supported, even amid last week’s net ETF outflows. Additionally, institutional interest continues to strengthen, with Japan’s Metaplanet announcing plans to purchase BTC using funds from bond sales.
Altcoin Market Cap Breakout Sparks Optimism
The total cryptocurrency market cap excluding Bitcoin has broken past its previous all-time high (ATH). After consolidating within a descending wedge pattern, the market surged, initiating a strong bullish breakout near $1.05 trillion. Currently approaching $3.6 trillion, the market cap showcases consistent growth fueled by heightened trading volumes.
Source: Crypto Rover
Furthermore, the MACD indicator confirms sustained momentum with a bullish crossover. The histogram bars have turned positive, signaling a strong upward trend. Additionally, this breakout aligns with historical patterns, often marking the onset of significant price rallies.
The post Altcoin Market Surges as SOL Rallies and BTC Dominance Holds at 60% appeared first on Crypto News Land.
