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It’s been almost two weeks since Bitcoin hit an all-time high price. Meanwhile, the crypto market is at an important moment right now, and many traders are wondering what will happen next.
Data from Alphractal, a trusted crypto data platform, shows some interesting trends that suggest altcoins could be about to steal the show.
Interesting, Bitcoin dominance has just peaked at 64%. In the past, whenever Bitcoin dominance dropped from this level, altcoins had a huge rally, sometimes even 50x.
Altcoin Dominance Near Strong Support
Alphractal’s data shows that altcoin dominance, which excludes stablecoins like USDT and USDC, has dropped to 28.4%. This is getting close to a very important support area that’s been significant many times in the past.
Usually, when altcoin dominance sits around 24% to 25.3%, it’s a sign that altcoins are getting ready to rise again. These levels have always appeared at times when Bitcoin and stablecoins were leading the market and altcoins seemed forgotten.
But as soon as altcoin dominance reached this zone, altcoins quickly bounced back and took the spotlight.
Now that we’re approaching this support level again, it looks like altcoins could be ready for another big moment.
Excluding Ethereum Changes the Picture
There’s another chart that removes not only stablecoins but also Ethereum. This chart shows that altcoin dominance (without ETH and stablecoins) is at 18.92%. That’s very close to 18%, which has been a strong support level for years.
In the past, when this level was reached, Bitcoin’s dominance often fell, and altcoins started to grow again. This level has held strong even though there are now thousands of new altcoins on the market.
Bitcoin Hits 64% – Could Altcoins Be Next to Rise?
Bitcoin’s dominance just hit 64%, a level that has stopped it before. Crypto analyst CryptoElites has shared a chart showing that this resistance has always been a tough barrier for Bitcoin.
In both 2019 and 2021, Bitcoin’s dominance peaked and then dropped sharply. What followed was a wave of explosive altcoin rallies, with some coins gaining 50x or more.
Analyst chart suggests a similar setup is happening now, hinting that the next big altcoin season could be right around the corner.
Meanwhile, the altocin index currently sits at 22, reflecting a long way to go before the altcoin season begins.