Is It Altcoin Season: Are the Indicators Pointing Towards an Altcoin Surge?

  • Exciting News: Bitcoin ETF Inflows Set to Trigger Price Surge!
  • Keep an Eye on Altcoins as They Ride Bitcoin’s Coattails!

Bitcoin [BTC] is poised for a breakthrough! Just recently, BTC was stagnant at $67.7k, with low trading volume indicating a lack of upward momentum.

However, the tides are turning. Recent data from Farside Investors revealed a massive $886 million influx into Bitcoin exchange-traded funds on Tuesday, June 4th.

This surge in investments could be the trigger for a new wave of speculation and trading in the BTC market.

As Bitcoin gains attention, will altcoins benefit from this surge? Or will they have to play catch-up to the king of cryptocurrencies? Let’s check the altcoin season indicator.

Are Altcoins Ready to Shine?

According to the altcoin season index by BlockchainCentre, the index currently stands at 31, indicating a potential shift in the market dynamics. Over the past six months, the index has declined from 80 to 31.

While last year saw a dominant Bitcoin season in the market, the changing landscape suggests that altcoins could be gearing up for a revival.

Even though altcoins may ride the Bitcoin wave, only a handful might surpass the king of cryptocurrencies in performance.

A spike in the altcoin season indicator beyond 75 could signal a significant uptrend for altcoins, although the rally may be concentrated in specific altcoins rather than across the entire market.

Unlocking the Secrets of Bitcoin Dominance

Bitcoin Dominance ChartBitcoin Dominance Chart

Source: BTC.D on TradingView

The Bitcoin Dominance chart highlights BTC’s market share compared to other cryptocurrencies. Currently, it fluctuates between 53.9% and 56.3%, suggesting market movements.

If the BTC.D rises, it signifies Bitcoin’s outperformance relative to other cryptocurrencies like Ethereum [ETH].

Wondering about your profits? Use the Bitcoin Profit Calculator!

Throughout 2021, from January to June, BTC’s dominance dropped from 72% to 40.4%, opening doors for altcoins to thrive. The altcoin market capitalization (excluding ETH) saw significant growth during this time.

In order for a true altcoin season to kick off, a sustained decrease in BTC.D is essential.

Next: Chainlink’s mixed on-chain signals: LINK prices to suffer?

🚀 Ailtra Crypto Bot Earned $13.4M Million in 11 Months with 0% Loss!

🚀 Ailtra generated $13.4M in 11 months only!

Unlock 15-55% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 15th Aug: an AI Crypto Bot boasting 15%-55% monthly gains and $13.4M earnings in 11 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,500 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.