The post Crypto Bull Run 2024: How Altcoins Are About to Dominate the Market! appeared first on Coinpedia Fintech News
The dominance of cryptocurrencies, excluding the top ten cryptocurrencies, currently stands at 9.70%. In the beginning of the year, it was around 13.40%. It touched a peak in late March. But later, things overturned. Since April 1, the dominance has been losing its strength. Will the situation remain the same forever, with no hope? Never! Things are going to change, a latest X post by a crypto analyst assures.
Upcoming Altcoin Bull Run 2024
As per the latest post published in X by a crypto trader and analysis, identified as Moustache, Altcoins have broken out of a 9-month falling wedge pattern. What this type of pattern generally communicates is a trend reversal. For the last few months, the Altcoin market has seen a considerable drop in strength. As the market has broken out of the said pattern, it can be expected that the market in the coming days will climb up strongly, and may even cross the mark of 13%.
Notably, the analyst has shared the weekly chart of the crypto total market cap excluding top 10 dominance, to explain his observation. It is a chart which shows the dominance of the cryptocurrencies excluding the top ten cryptocurrencies.
Altcoin Market Analysis, August 2024
The daily chart of the crypto total market cap excluding top 10 dominance shows the market performance of Altcoins clearly.
As per the above chart, in the beginning of this month, August, 2024, at the time of market closure, the dominance was around 9.57%. On 5th August, it touched a low of 9.17%. But, the next day, we saw a positive momentum in favour of Altcoins in the market. That day, at the time of closing, the dominance was as high as 9.34%. On 17th August, a Doji pattern was formed in the chart.
As expected, in the days that followed, the dominance rose consistently for at least seven consecutive days. The trend continued, until a peak of 9.88% was reached. Though, last day, we saw the formation of a red candlestick, as the trend is favourable, it is more likely to see strong green candlesticks in the coming days.
In conclusion, if this observed trend continues, what we are going to witness is an Altcoin Bull Run.
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