Altcoins at Their Highest Since Summer 2022: Is this a Mini-AltSeason?
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At the beginning of 2023, the crypto markets overturned the bearish impact that prevailed throughout 2022. No sooner than the biggest tokens thrived to reach their interim highs, the selling pressure again loomed, signalling a higher possibility of a fakeout. In the meantime, the altcoins appeared to be juggling bullish and bearish trends. Quite often, things pointed towards a probable ‘AltSeason’, but everything flipped as the bulls fell short of strength at pivotal levels.
The global crypto market capitalisation is surging and may rise above $1.45 trillion with a slight rise in BTC prices. Besides, the altcoin market capitalisation is also rising significantly and has reached its highest value since August 2022. The recent breakout could mark the end of the bear market accumulation phase and the start of the next bull cycle.
Now that the altcoins have begun to rise, the trend may not be straight up but could largely be a bumpy road towards the summer of next year, with the real bull market starting somewhere at the end of 2024 or the start of 2025.
The altcoin market cap is heading towards a pivotal region that it lost back in August 2022. The altcoins have been growing for the past few weeks and are believed to witness more growth. The resistance area of around $460 billion to $470 billion is considered the most logical area in the short term. Hence, over the next few months, one can expect a rise over the critical resistance at $560 billion, which may in turn push the levels beyond $625 billion.
Besides, Bitcoin’s dominance has been constantly rising and marking new highs. Here, altcoins could underperform, as dominance is expected to rise. The levels are rising along an ascending trend line, which is acting as a strong support base. Once the levels breach the trend line, altcoins are expected to outperform Bitcoin, paving the way for a mini-AltSeason.
Filed under: Bitcoin - @ November 16, 2023 6:18 pm