Bitcoin has started to lose some profits after losing support at around $98,000, which is key to rising above $100,000. The price of BTC has stabilized for a while and recovered from the threshold in 2020, which triggered the famous '2021 bull run.' Interestingly, Ethereum is also at the same moment and breaking out of this phase could trigger a strong ETH bull run.
Now the price of ETH is maintaining a healthy gradual consolidation while the star token, Bitcoin, is struggling to maintain its bullish momentum. This could be a signal for the beginning of a strong altcoin bull run, as the price of Ethereum is about to experience a strong surge. Altcoins are expected to rise in price soon, which could pique investor curiosity about them, leading to a strong liquidity influx into the platform.
Besdies, the dominance of BTC is being broken after reaching a high above 61%, which indicates that market participants have taken some profits as 99% of BTC holders are in profit. Liquidity may have flowed into other altcoins and as a result, Bitcoin's dominance is being broken while the market capitalization of altcoins has reached a critical range.
The total market capitalization, excluding Bitcoin & Ethereum, has formed a double bottom pattern and after reaching the neckline, has triggered a breakout and surged over 1000%. Levels have formed a similar pattern, while levels have broken above the neckline after forming a double bottom pattern.
Therefore, altcoins seem to be taking over, indicating that an altcoin season may be occurring. As a result, market participants should be ready for a booming altcoin season at any moment from now, which could push the market capitalization of altcoins close to $5 trillion.
