Claiming that Bitcoin dominance has reached a key resistance point, the analysis reports that altcoins are gearing up for a strong bull run.
The cryptocurrency market has increased by 20.33% since Friday, September 6, reaching $2.182 trillion. Bitcoin (BTC) accounts for the majority of the $368 billion increase in the market.
It is seen that BTC, which has risen to $64k, has gained market dominance. According to the data, BTC dominance has increased to 58.59% on September 18. Cryptocurrency analytics platform AMBCrypto claims that the mentioned metric shows a potential resistance point.
Bitcoin Could Trigger Altcoin Uptrend
Cryptocurrency analyst Ali Martinez, in an article published on X, stated that the dominance chart has formed a rising wedge pattern and is approaching resistance at 60%.
âA possible decrease in BTC dominance would indicate money flowing into altcoins,â AMBCrypto said, continuing its words:
âThis flow could lead to an altcoin season, a lucrative period for long-term holders of altcoin projects.â
An index measuring altcoin season scores 35 points out of 100. Historically, an index value of 75 points would indicate a potential altcoin to rise in price.
In addition to BTC dominance, the performance of stablecoins was also discussed in the analysis. Stating that the stablecoin supply ratio metric shows a bullish trend for altcoins, AMBCrypto said:
âA rally in the altcoin market seems possible. However, the values ââof this metric are not close to the levels of the previous recovery.â
The market value of altcoins other than BTC and ETH has surpassed $600 billion. Martinez stated that the first target is $625 billion, and if the said area is exceeded, a rise to $800 billion could be seen.
