AltCoins Will Beat Bitcoin in the Next Months – Blockchain Company Explains Why
Talks about Altcoin season have been on the lips of members of the crypto community since the beginning of this year. However, most Altcoins have not been able to maintain any meaningful bullish momentum over the past few months.
Interestingly, a market intelligence company has proposed the prediction that these digital assets will surpass Bitcoin by market capitalization in the coming months, the world’s largest cryptocurrency.
Is Altseason approaching?
In a post on social media platform X on June 14, on-chain analytics platform Alphractal revealed that “big things” are about to happen to AltCoins. This prediction is based on Altcoin’s advantage indicators and their movement around historically relevant levels of support.
Letter analysis examined two altcoin advantage indicators: one excluded all stable bacteria and the other excluded Ethereum and all stabilizers. Historically, the former has received about 25% strong support, a level that is often a springboard for large Altcoin rally.
Source: @Alphractal on X
As shown in the above chart, the dominance metric dropped to 25% before the bounce back to around 35% in 2020. Similarly, the metric dropped to 24% before the final big season around the 2021 rally.
As of now, the main metric is about 27.91%, and it is likely to face a potential reversal when approaching this critical support. As a result, Altcoins witnessed an increase in the likelihood of major market transfers in the coming months.
As for the advantage metrics – excluding ETH and Stablecoins, the key support is about 18%. Historically, prices that violate this support may be associated with significant price changes, which allow altcoins to gain market share before Bitcoin.
Source: @Alphractal on X
Ultimately, the movement of these dominant indicators suggests that the market may be on the brink of the tide of volatility in the coming days. Alphractal mentioned that many Altcoins may outperform Bitcoin in the next few months, regardless of whether the major cryptocurrencies are rising or falling.
On-chain analysis companies concluded:
These levels do not guarantee the start of the altcoin season, but they have proven to have meaningful signals with strong historical potential for large market transfers.
Ethereum, altcoins king
Ethereum remains the second largest cryptocurrency in the digital asset field, with a market value of over $302.2 billion. At the time of writing, the ETH token is worth about $2,504, reflecting a 1.6% drop in price over the past 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured images from Istock, charts for TradingView
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