Most analysts believe that the altcoin market is on the cusp of a bullish rally. Such a statement has generated unprecedented interest among crypto traders, as altcoin markets have a higher risk/reward ratio.
A popular analyst nicknamed Rekt Capital recently noted on his X page that the market capitalization of altcoins is not dependent on the fluctuation of Bitcoin price and is constant.
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Furthermore, he emphasized that their market capitalization has been consistently testing the $315 billion level as a support for several weeks in a row. He is confident that many altcoins will rise in the next phase of the bull market.
Since historical data shows that the price of altcoins always lags behind Bitcoin, traders are keeping a close eye on altcoin market capitalization and Bitcoin dominance charts, which could indicate an altcoin rally, Cointelegraph reported.
Market experts are evaluating the Bitcoin market dominance chart. Since September 2023, the dominance rate has been consistently above 50% and has now reached 54.62%, TradingView reported.
An analyst at CryptoNova (@CryptoGirlNova) noted that the change in Bitcoin's dominance order comes at a time "when altcoins are ready to shine."
That hasn't happened yet, but according to CryptoNova, an analysis of the chart shows that there are no longer higher highs and higher lows with strong rising candlesticks. The chart has shifted to a sideways movement, which almost always happens before a reversal.
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A technical expert at Titan of Crypto supported this view with the statement, "Personally, I think there will be another alt season." According to him, the Ishimoku line could play a big role in blocking Bitcoin's dominance and shifting the influence to altcoins.
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Many experts emphasize that after Bitcoin halves, the narrative will shift dramatically towards altcoins.
With the exception of Toncoin (TON), which recently posted record growth, most altcoins are now priced well below their 2021 highs. XRP, Dogecoin, Cardano, and Avalanche are down at least 60% from their highs, while Bitcoin is down less than 5% from its ATH.
Related: Robert Kiyosaki supported crazy Bitcoin price forecast