💥 BITCOIN🪙 This falling metric could be the key to Ethereum, Solana price rallies #CryptoWatchMay2024 #altcoins #BullorBear #BTC
📣 Top #AltcoinDominance like Ethereum, Solana, and BNB registered major gains over the last 24 hours.
📣 However, metrics and technical indicators weren’t all bullish
🌐 Bitcoin’s last 24 hours have been productive, with the cryptocurrency climbing back above $63,000 on the charts. As expected, most of the market’s altcoins followed suit, with their charts seeing green as well.
🔶 However, the latter’s performances fueled a fall in Bitcoin’s [BTC] dominance. In fact, it hit such a critical level that a fresh altcoin season could be right around the corner now.
👉 Altcoin season is here
🔷 Captain Faibik, a popular crypto-analyst, recently shared a tweet highlighting an interesting development. As per the same, Bitcoin’s dominance is now moving inside a rising wedge pattern.
✨ What this means is that the chances of BTC dominance falling over the coming days are quite likely. This would be a positive sign for altcoins as their market cap is likely to surge then.
💫 Mags, another famous crypto-analyst, also shared a tweet mentioning a historical event. The tweet stated that in 2020, the altcoin market was in an accumulation phase. That ended in the second half of the year, kick-starting a massive bull rally.
🔶bThe analyst believes a similar trend can be seen this time around, further increasing the chances of an altcoin season soon. If the rally happens, then altcoins’ market capitalization can be expected to hike dramatically.
