The post Altcoin Season Debates Intensify Amidst Bitcoin Dominance Drop appeared first on Coinpedia Fintech News
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.
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, Altcoins Take Center Stage
SOME SAYING #ALT SEASON IS ALREADY HERE
I say .. Where exactly. We have had some pump, but if we are at #Altseason then you just wait when we get a true one. That comes if we break that resistance trend line
pic.twitter.com/F1JUZ91Z2i
— Crypto Tony (@CryptoTony__) July 21, 2023
According to a popular crypto analyst on Twitter with more than 320K followers, Crypto Tony (@CryptoTony_), the altcoin season is yet to officially kick off. The analyst argued from a technical standpoint that the recent altcoin pump is just increased volatility on specific projects. As a result, Crypto Tony expects the ‘true’ altcoin season to kick off after the market breaks above a macro resistance trend.
Also Read: Bloomberg’s Insider Reveals a Game-Changing Twist in Bitcoin ETF Approval!
Notably, the analyst expects the total altcoin market cap excluding that of Ethereum to rally as high as $480 billion from currently at $356 billion. The altcoin market enjoys higher volatility than Bitcoin due to its lower market capitalization and increased demand.
