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- The last seven days have been a roller coaster, with the bulls clearly winning this time. As the overall crypto market worth surpassed $2 trillion once more, speculation of another surge grew
- According to this data source, an alt season occurs when 75% of the top 50 currencies outperformed Bitcoin in the previous season (90 days)
- Because the same did not appear to be happening in the market, the current season had Bitcoin written all over it
The last seven days have been a roller coaster, with the bulls clearly winning this time. As the overall crypto market worth surpassed $2 trillion once more, speculation of another surge grew. Weekends, on the other hand, have been particularly difficult for the market in recent months. The market was startled by the weekend blues, which brought with them declines.
Will the market continue to rise this weekend, or will it continue to fall? Speculations about the market attitude over the weekend have grown as BTC has tested the $47K level. Even if the trip has been pleasant so far, there are clear signs that the bull run will continue. Furthermore, things took a negative turn when BTC encountered significant resistance.
Bitcoin’s active addresses and daily active addresses did not show a significant increase. Even if that isn’t necessarily a terrible indication, BTC’s waning dominance is. At press time, Bitcoin’s market domination had taken a step back as it retraced its steps at $46K. The alt season is generally predicted to take off when Bitcoin’s dominance falls.
However, at the time of writing, this did not appear to be the case. Despite the fact that BTC dominance has dropped to levels lower than in July and June, the market continues to prefer the king coin. The altcoin season index was as low as 8, indicating that Bitcoin season had arrived. According to this data source, an alt season occurs when 75% of the top 50 currencies outperformed Bitcoin in the previous season (90 days).
Because the same did not appear to be happening in the market, the current season had Bitcoin written all over it. Alts like Cardano, XRP, MATIC, and Dogecoin have all rallied in the previous week, indicating that the market is optimistic on alts. Looking at it, it should have been the start of an alt season, but it wasn’t.
This, on the other hand, might be viewed as a pre-alt season rally. According to Benjamin Cowen, an expert, there is ample opportunity for alts to grow with BTC above its 20-week SMA as support and its present consolidation in the $46-$48K range. In any case, a significant drop over the weekend was improbable. However, if BTC prices are correct, the market may see a slight correction as well. Aside from that, the majority of the measures showed signals of good health.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
