Will the altseason start in May 2024? Top 3 cryptocurrencies to watch

Bitcoin dominance is rising again, close to 55%, after falling from 56.3% in the last two and a half weeks.

The possibility of an altseason starting in May is low, as only 35% of the top 50 cryptocurrencies outperform BTC.

However, Ethereum (ETH), Shiba Inu (SHIB), and Helium (HNT) are about to break higher.

The price of Bitcoin was expected to rise following the halving that took place at the end of April. However, when this was not the case, investors turned to altcoins.

Although many anticipate that the altseason will take place soon, the possibility seems low except for these three altcoins.

Bitcoin dominance rises again

Bitcoin dominance reached 56.32% in mid-April and began to decline to 54.34%. But in recent days, this dominance has increased to almost 55%, threatening the possibility of altcoins breaking out and the market observing an altseason.

In fact, altseason usually occurs when 75% of the top 50 coins outperform Bitcoin in the last 90 days. Currently, this figure stands at 35%, well below the threshold for an altcoin season to be confirmed.

Therefore, the chances of an altseason in May are quite low, so it could extend into June. However, these three altcoins are looking to break out in the next month.

Ethereum (ETH) is in a bullish reversal pattern

Ethereum price, trading at $3,063, failed to break above the upper trend line of a falling wedge it has been stuck in since March.

After failed attempts in the past, the world's second largest cryptocurrency could break higher after bouncing off the support at $2,991.