Could Altcoins Be on the Verge of a Surge Analysts Identify Hopeful Indicators
### Story Highlights
– Historical RSI patterns indicate a potential altcoin season, suggesting substantial upward movement.
– Experts foresee altcoins primed for a breakout as Bitcoin’s market dominance diminishes.
– Analysts believe that surpassing current trends could unleash a wave of liquidity into altcoins.
The cryptocurrency market is experiencing a resurgence, and many analysts are buzzing with enthusiasm over the prospect of an impending “altcoin season.” Crypto analyst Moustache notes that altcoins appear poised for significant movement. This optimism follows a recent recovery in the Relative Strength Index (RSI), which has historically signaled positive trends. As Bitcoin’s dominance starts to wane, alternative cryptocurrencies are gearing up to step into the limelight.
### Altcoins on the Verge of a Surge: Historical Insights
In previous altcoin cycles, the reclaimed RSI served as a clear indicator of building upward momentum. This trend has demonstrated promising signs in the past, particularly between 2014 and 2018, when the total altcoin market cap skyrocketed from approximately $56 million to an astonishing $10 billion by early 2017.
#Altcoins
-RSI reclaimed
It seems altcoins are gearing up for something significant.
History may not repeat, but it certainly echoes.
This altcoin cycle is shaping up to be much more substantial than the last.
pic.twitter.com/HpxarBq6Y3
— ⓗ (@el_crypto_prof)
September 24, 2024
The explosive growth observed during that time was not merely coincidental; it marked a pivotal shift in market dynamics that attracted a massive influx of capital into altcoins. Now, with the total market cap hovering around $927.36 billion, a similar RSI pattern is emerging once again, hinting that altcoins could be on the brink of another breakout.
Experts are confident that breaking through the current trend could trigger a significant influx of liquidity into the altcoin market. This potential surge in capital could accelerate price movements, paving the way for a bullish trend across various altcoins.
### Bitcoin’s Dominance Declines
While Bitcoin remains around $63,000, its hold over the cryptocurrency market is diminishing. Recent price fluctuations are sparking speculation about an imminent altcoin season, especially given that 33 altcoins have outperformed Bitcoin. However, for a true altcoin season to commence, at least 50 altcoins must surpass BTC in performance.
Ethereum, the second-largest cryptocurrency, is rebounding after reaching 40-month lows against Bitcoin. Over the past week, ETH has surged approximately 15%, outpacing Bitcoin’s 8% increase.
Other altcoins are also showing impressive gains, with NEAR, FET, SUI, APT, and TAO witnessing increases of 25% to 82% in just one week. If historical patterns are any indication, the altcoin market could be on the verge of significant gains in the upcoming months.