• Altcoin discussions have intensified amidst Bitcoin’s drop in dominance.
• The judgement ruling on XRP sales by Ripple has caused a bullish outlook on certain altcoins.
• Crypto analyst Crypto Tony believes the ‚true‘ altcoin season to kick off after the market breaks above a macro resistance trend.
Recent Drop in Bitcoin Dominance
Bitcoin dominance has dropped below 50 percent in the past few days, leading to heightened discussions around the possibility of an altcoin season. As a result, most altcoins that were previously mentioned as unregistered securities have enjoyed a bullish outlook and experienced significant gains over the past few weeks.
Crypto Analyst’s Viewpoint
A popular crypto analyst with more than 320K followers, Crypto Tony (@CryptoTony_), argued from a technical standpoint that the recent altcoin pump is just increased volatility on specific projects. He expects the ‘true’ altcoin season to kick off after the market breaks above a macro resistance trend. Additionally, he anticipates that total altcoin market cap excluding Ethereum will rally up to $480 billion from currently at $356 billion.
Increased Volatility & Market Capitalization
The altcoin market enjoys higher volatility than Bitcoin due to its lower market capitalization and increased demand from investors. This combined with XRP being sold on exchanges regarded as non-security has lead to an overall bullish outlook for many different cryptocurrencies within this space.
Ripple’s Judgment Ruling
The arguments for the beginning of an alt season have been largely centered around Ripple’s recent judgment ruling regarding their XRP sales in past years. With XRP now being sold on exchanges regarded as non-securities, many other cryptocurrencies have also seen significant growth over these last few months due to investor confidence increasing across this sector as well as renewed interest in digital assets overall.
Conclusion
The discussion of when an official „altseason“ will begin continues amongst industry experts and crypto enthusiasts alike, but it’s clear that increasing demand and improved sentiment towards digital assets have helped fuel positive price action across this space recently regardless of whether or not we’ve officially entered into one yet or not!