Analysts speak: Is the altcoin rally on the way?

Cryptocurrency analysts predict that the altcoin rally may begin in the coming days based on the course of Bitcoin dominance.

Crypto phenomenon Rekt Capital, which shared a post from account X the other day, found that the total market capitalization excluding the top 10 tokens remained stable around $315 billion despite the volatility of the Bitcoin price.

According to Rekt Capital, if cryptocurrencies with smaller market capitalizations can exceed this limit, big rises are on the way.

$ALTS

No matter what Bitcoin's price has done over the past few weeks...

Altcoin Market Cap has been the only constant

Consistently retesting the red $315bn level as support for weeks now#BTC #Crypto #Bitcoin pic.twitter.com/Ny3ZojbpUk

— Rekt Capital (@rektcapital) April 11, 2024

"It doesn't matter what the price of Bitcoin has done in the last few weeks... The altcoin market cap was the only constant. We've been steadily retesting the $315 billion red level as support for weeks."

Crypto traders keep a close eye on the altcoin markets as they represent higher risk-reward returns. Many names have the expectation that altcoins will rise in the coming days. At the beginning of past bull markets, Bitcoin has always stood out more than others. After BTC's rally calmed down, interest moved towards other cryptocurrencies.

Other technical analysts, such as Crypto Nova, Titan of Crypto, and Kevin Svenson, are also very hopeful about altcoins in the coming period.

Altcoins have a long way to go

Although Bitcoin has broken the all-time record in recent weeks, it is not yet possible to say the same for altcoins. BTC's market dominance has been over 50% since September 2023, according to data from Tradingview. The current figure reveals that the ancestor of cryptocurrencies dominates 54.5% compared to the total.

The total crypto market cap has risen to around $2.74 trillion, while other tokens are broadly flat.

With exceptions such as Toncoin (TON), which recently set a new record, most of the major altcoins are quite far away compared to their 2021 peaks. Cryptocurrencies such as XRP, BCH, DOGE, and AVAX are 60% away from the record, compared to just 5% for BTC.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.