Summary
- It was reported that the decline in Bitcoin and USDT dominance increases the possibility of an altcoin season.
- It was stated that if TOTAL2 breaks above the downtrend line and surpasses the resistance level of $1.25 trillion, it could support an upward trend in the altcoin market.
- It was added that if major trends continue, the likelihood of an altseason starting is high.
An analysis has emerged suggesting that an altcoin season is approaching as Bitcoin (BTC) and USDT dominance decline.
On the 13th (local time), the cryptocurrency-focused media outlet Cointelegraph reported, "TOTAL2, which tracks the market capitalization of the top 125 cryptocurrencies excluding Bitcoin, has broken above the downtrend line maintained since January this year," adding, "If it decisively breaks through the resistance level of $1.25 trillion, it could support a clear upward trend."
Furthermore, it stated, "This movement suggests the arrival of an altcoin season," explaining, "In addition, Bitcoin dominance has fallen by 4% over the past six days, and USDT dominance is at its lowest level since early February."
It added, "If these major trends continue, the likelihood of an altseason starting is high."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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