The cryptocurrency market is going through a critical period as Bitcoin’s dominance reaches multi-year highs and its price rises to nearly $68,000. Analysts Ash Crypto and EGRAG Crypto say this could lead to a change in market trends.
Furthermore, they posit that while Bitcoin continues to rise, altcoins may soon show better performance.
Bitcoin dominance reaches its peak
BTC’s dominance, a measure of the asset’s market share relative to other crypto tokens, has surged to a 42-month high as prices have risen to $68,000.
According to Ash Crypto, if Bitcoin rises to $80,000-$90,000 in the next month, BTC’s dominance could further increase to 61%.
EGRAG CRYPTO echoed this sentiment, noting that Bitcoin’s dominance is approaching the “final stages of a top formation.” EGRAG said this development sets the stage for a unique market scenario: Bitcoin’s price could continue to rise while its market dominance begins to weaken.
#BTC Dominance – The setup is ready#BTCDominance is about to enter the final stages of a topping pattern This means we will see#BTCdominance fall, and#BTCprice rise 💥 In terms of cycle duration and timing, and how#BTCdominance and price form… pic.twitter.com/zPhnJ6L3gB
— EGRAG CRYPTO (@egragcrypto) October 17, 2024
Altcoin season is coming
Both analysts predict that market dynamics will shift in favor of altcoins. EGRAG CRYPTO stressed that when Bitcoin’s dominance fell and its price surged, it created an ideal environment for altcoins to grow.
The analyst warned followers to remain vigilant and described the potential market moves as “fast and furious.”
Ash cryptocurrency draws comparisons to previous market cycles, recalling Bitcoin’s all-time high of $19,500 on Dec. 16, 2020. Bitcoin’s dominance peaked 18 days later, on Jan. 3, 2021, followed by five months of outperformance for altcoins.
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Timing and strategy for investors
Analysts offer mixed views on timing. EGRAG CRYPTO says altcoin rally could be about to begin, urging followers not to “blink” or risk missing out.
However, Ash Crypto proposed a more cautious timeline, advising investors to hold altcoins for the next six months in anticipation of the upcoming “altcoin season.”
Alternative Season 2.0 Update
BTC dominance reaches 42 months
Bitcoin surged to $68,000.BTC dominance could jump to 61% if
BTC rebounds to $80,000-90,000
Next 30 days.What does this mean for you?
– Bitcoin could rebound significantly and outperform the market
Alts for a few weeks.– EVERYTHING… pic.twitter.com/9DIxKYBGjT
— Ash Crypto (@Ashcryptoreal) October 17, 2024
Ash Crypto also noted that Bitcoin could outperform altcoins in a few weeks as the cryptocurrency approaches new all-time highs. The analyst predicts that once altcoins establish a clear uptrend beyond their previous record, it will begin to outperform Bitcoin.
