Or Fireworks Coming?
The cryptocurrency market has been relatively tranquil since Monday, with Bitcoin hovering around the $29.1k mark after briefly touching $30k. While the leading cryptocurrency maintains its stability, some altcoins have been showing interesting outliers, most notably Shiba Inu (SHIB), an Ethereum-based meme coin. SHIB has been on a surge in the past few days, fueled by rumors of an upcoming Shibarium mainnet launch and other key developments, including digital identification.
According to crypto price oracles, SHIB has been trading around $0.00000861, experiencing an approximate 5 percent increase in the last 24 hours.
A Shift towards Altcoins
Michaël van de Poppe, a renowned crypto influencer and analyst, has put forward an intriguing suggestion that Bitcoin dominance may have reached its bear market peak. This development could signal a shift in the market sentiment, potentially leading to increased interest in altcoins.
Time to buy the dip on altcoins?
This week has been ultra boring for everything in the altcoin markets. Chainlink has been correcting, while also the rest of the markets haven’t been providing any strength at all. Will that continue?
On the other hand, we can see that… pic.twitter.com/pa3cH86Sxx
— Michaël van de Poppe (@CryptoMichNL) August 4, 2023
As the crypto market gears up for possible rotations into alternative assets, Poppe points out the presence of an upward rally in 2019 and its resurgence in 2022/2023, which has created notable resistance around the 200-Week MA and EMA.
Read More: Altcoin Season Debates Intensify Amidst Bitcoin Dominance Drop
What’s Going to Rally First?
Poppe’s analysis indicates that top-ranked altcoins are likely to begin rallying before smaller-cap altcoins experience a similar surge. However, he also notes that the current interest in altcoins remains relatively low, as evidenced by most altcoins’ Bitcoin pairs experiencing losses.
While there’s anticipation for an altcoin season, Poppe advises investors to exercise caution and not rush into investing everything into altcoins just yet. In the meantime, Bitcoin continues to exhibit minimal price fluctuations, contributing to the overall stagnant market sentiment.
Remember, The Market is Unstable
The cryptocurrency market has been marked by a sense of calmness, with Bitcoin maintaining a tight price range. However, this tranquil facade may soon change as altcoins, particularly Shiba Inu (SHIB), show signs of gaining momentum. With potential game-changing developments on the horizon, it’s no surprise that analysts predict an impending altcoin rally.
Also Read: Crypto News: Did “Laser-Eyed Biden” Accidentally Champion Bitcoin?
For investors, it’s crucial to remain vigilant and consider diversifying their portfolios to take advantage of the market’s evolving dynamics. While Bitcoin remains a stable investment, the potential shift towards altcoins could present exciting opportunities for those willing to venture beyond the dominant cryptocurrency.
