Bitcoin’s Bull Run Faces Challenges as Altcoin Season Gains Steam
Bitcoin (BTC) has failed to reclaim the $120,000 threshold at Monday’s Wall Street open, fueling concerns about the strength of the current bull market.
While altcoins surged, with Solana (SOL) and Dogecoin (DOGE) posting significant gains, strategists like Keith Alan of Material Indicators analyzed a potential shift in capital towards assets outside the top cryptocurrency.
Altcoin Rally Provides Oxygen to Bearish Case
Market indicators suggest a discernible rotation away from Bitcoin towards altcoins. Alan predicts that if the current trend holds, the top 100 altcoins (excluding ETH and stablecoins) could potentially reach a $1 trillion market cap.
This situation is complicated by bearish signals emerging on classic technical indicators. Analyst Roman pointed to exhaustion in price momentum metrics (RSI and MACD) combined with low volume at all-time highs as potential precursors to an upcoming market downturn.
XRP Becomes Most Valuable Crypto in History, Overtaking McDonald’s
This altcoin season has reached a remarkable milestone with Ripple’s XRP (XRP) surpassing the market capitalization of McDonald’s Corporation during the ongoing rally.
Dominance shifting further occurred within the cryptocurrency sphere itself, with market observers noting a decline in Bitcoin’s dominance percentage, reaching its lowest level in weeks, while Ethereum’s share climbed notably.
All data referenced in this report is sourced from publicly available market analytics and social media analysis platforms.
This article is intended for informational purposes only and does not constitute investment advice. Trading cryptocurrencies involves significant risk.
