A crypto analyst suggests altcoins may have plenty more upside, as many are already surging without pulling much market share from Bitcoin.
“BTC dominance hasn’t even sneezed and Alts are ripping,” crypto analyst Matthew Hyland said in an X post on Friday.
Bitcoin reaches new highs on three consecutive days
TradingView shows Bitcoin (BTC) Dominance is 64.46% at the time of publication, down just 1.53% over the past week, while altcoins saw significant price spikes amid Bitcoin reaching new all-time highs on Wednesday, Thursday, and reaching $118,760 on Friday.
Hyland said, “What do you think happens if it drops from 65 to 45.”
Analysts have traditionally used Bitcoin Dominance to gauge the timing of altcoin season, with a decline typically seen as a signal that altcoins are gaining market share.
However, while BTC Dominance stayed relatively steady, the recent altcoin surge could signal that fresh capital is flowing into the wider market.
MemeCore (M) leads the top 100 crypto gainers over the past seven days with a 1,263% surge, followed by Mog Coin (MOG) up 75.01%, and Stellar (XLM) up 67.43%, according to CoinMarketCap data.
Ether (ETH), the second largest crypto by market cap, is up 17.68% over the past seven days, which is often another indicator traders use to determine when the focus is turning from Bitcoin to the broader market.
Trader says this will be the “final easy” Altcoin season
The ETH/BTC ratio, which measures Ether’s relative strength against Bitcoin, is up 8.39% over the past seven days.
However, CoinMarketCap’s Altcoin Season Index suggests the market is still heavily favoring Bitcoin, with the Index reading a “Bitcoin Season” score of 29 out of 100.
In an X post on Friday, MN Trading Capital founder Michael van de Poppe said, “I assume that we’re about to witness the final easy and biggest bull ever on Altcoins.”
Related: Is the crypto market entering a new supercycle? Here are 5 ways to know
Meanwhile, Santiment recently said that their metrics indicate that the altcoin season has begun. “The data confirms that, for now, it has,” Santiment said.
“As long as Bitcoin can maintain its position above the crucial psychological support level of around $110k, traders will likely feel comfortable redistributing profits into altcoins,” they added.
Magazine: Inside a 30,000 phone bot farm stealing crypto airdrops from real users
