Altcoins Rally as Bitcoin Dominance Drops: Is Altcoin Season on the Horizon?

Altcoins are experiencing a rally as Bitcoin (BTC) faces a decline. Crypto analyst DamiDefi highlighted this trend, noting that BTC is dumping but altcoins are pumping. In the past 24 hours, Bitcoin dominance has dropped by 2%, indicating a shift in liquidity towards altcoins. This movement suggests a potential altcoin season on the horizon.

Following a harsh sell-off on Monday, altcoins have rebounded strongly, renewing investor optimism. Solana (SOL), one of the top ten altcoins, has regained all its losses from last week. Additionally, Cardano (ADA), Dogecoin (DOGE), and Toncoin (TON) have also seen gains. This performance highlights a growing interest and confidence in the altcoin market.

Renowned crypto analyst Michael van de Poppe noted a recurring pattern where altcoins follow Bitcoin’s downtrend but bounce back when Bitcoin hits its bottom. He explained that Bitcoin pairs often show signs of a bottoming process before USDT pairs.

According to Poppe, multiple indicators suggest a reversal might be underway, especially given the current altcoin movement against Bitcoin. He also mentioned the recent developments surrounding Mt. Gox’s Bitcoin repayment as a factor influencing the market.

As per CoinMarketCap data at press time, Bitcoin’s price stands at $61, 255, with a 24-hour trading volume of $42,120,399,540. Bitcoin has surged by 0.16% in the last 24 hours, bringing its market cap to $1,199,486,215,194.

Solana’s price is $135.60, with a 24-hour trading volume of $3,343,329,881. Solana has surged by 8.16% in the last 24 hours, boosting its market cap to $62,663,081,757. Cardano is priced at $0.389671, with a 24-hour trading volume of $395,177,775. Cardano has increased by 3.83% in the last 24 hours, raising its market cap to $13,928,077,472.

Dogecoin is trading at $0.122280, with a 24-hour trading volume of $966,687,348. Dogecoin has risen by 2.51% in the last 24 hours, resulting in a market cap of $17,712,458,069. Toncoin’s current price is $7.59, with a 24-hour trading volume of $391,067,616. Toncoin has gained 4.70% in the last 24 hours, pushing its market cap to $18,658,386,742.