• Altcoin season debates have intensified with Bitcoin’s recent dominance drop below 50%.
• Technical analysis suggests that the true altcoin season will kick off after breaking above a macro resistance trend.
• Analysts expect the total altcoin market cap excluding Ethereum to rally as high as $480 billion from its current level of $356 billion.
Altcoin Season Debates Intensify
The discussions around the onset of the alt season, after Bitcoin dominance dropped below 50 percent in the past few days, have escalated in different crypto social media spaces.
Judgement Ruling on XRP Sales
The arguments for the onset of an alt season have been centered around the recent judgment ruling on XRP sales by Ripple in the past years. With XRP sold on exchanges regarded as non-security, most altcoins that were previously mentioned as unregistered securities have enjoyed a bullish outlook. For instance, according to the latest crypto market data, XLM price has gained more than 85 percent in July alone, whereas XRP and Chainlink (LINK) are up over 53 percent in the same duration,
Bitcoin Dominance Wanes
A popular crypto analyst on Twitter with more than 320K followers suggested that the recent altcoin pump is just increased volatility on specific projects and thus expects ‘true’ altcoin season to kick off after breaking a macro resistance trend line. The analyst expects total altcoin market cap excluding Ethereum to rally as high as $480 billion from currently at $356 billion.
Higher Volatility Among Altcoins
The altcoin market enjoys higher volatility than Bitcoin due to its lower market capitalization and increased demand. As such, traders can benefit from price swings created by news events or technical breakthroughs among various tokens which may not necessarily reflect directly into Bitcoin’s price action.
Conclusion
Altcoins tend to move significantly faster than Bitcoin allowing traders greater opportunities for profit making and loss minimization within shorter timeframes if traded well.
