Altcoin saw a surge in activity as Bitcoin rallied near $66K. While the market slips in consolidation, it might prompt a surge in altcoins.
seasons follow Bitcoin’s bottoming. If this pattern repeats, the current dip could trigger the next Altcoin Season.Currently, Bitcoin’s market share stands at 57.37%, a significant decline from its recent peak of 58.59% just ten days ago. This falling dominance may indicate growing confidence in altcoins.
With many altcoins exhibiting bullish momentum during the recent rally, another cycle may be needed to catalyze the onset of the next altcoin season. However, the sharp drop in RSI indicates a loss of buying momentum. If Bitcoin enters a consolidation phase, it could allow major altcoins to take the spotlight.Source: Glassnode
As a result, liquidity flows into altcoins, which are viewed as cheaper alternatives, especially during increasing volatility.
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