Analysts say this key metric suggests an altcoin season is at hand
Cointelegraph
Published Aug 17, 2021 04:31PM ET
Updated Aug 17, 2021 07:40PM ET
Bitcoin’s (BTC) 65% recovery from sub-$29,500 on July 20 to a swing high of $48,200 on Aug. 14 took less than a month and helped bring fresh bullish momentum back to the crypto market and to traders who were dreading the prospect of another prolonged bear market.
Currently, the BTC rally has stalled out near the $46,000 price level, and this phase of sideways trading is giving altcoins an opportunity to step forward. As shown in the chart below, the total market capitalization of the altcoin market has risen 80% since July 20. Meanwhile, the Bitcoin dominance rate is down 10% since July 30.
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Written By: Cointelegraph
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