Altcoins
Bitcoin Metric Suggests Major Altcoin Season May Be Near, Says Analyst Kevin Svenson
Cryptocurrency analyst and trader Kevin Svenson highlights a Bitcoin (Bitcoin) metric that sends a bullish signal for altcoins.
Svenson tell its 78,500 YouTube subscribers that Bitcoin’s dominance, the ratio of BTC’s market cap to the market cap of the rest of crypto assets, suggests that “we might be close to altcoin season.”
“Bitcoin dominance is starting to fall below its trendline, which could be a good sign for altcoins…
…the fact that the Total3, the [total] The altcoin market cap is currently finding support against Bitcoin’s fall today, so this is a sign that sellers in the altcoin market are exhausted and we could start to see altcoin season get underway.
Source: Kevin Svenson/YouTube
The cryptocurrency analyst and trader adds:
“If you own altcoins, this is pretty much what you want to see. Because in the crypto market, when Bitcoin is down, Bitcoin dominance often increases because altcoins are going down with Bitcoin. People want to move away from speculative, small-cap altcoins and move towards what they’re more confident about, which is Bitcoin. It happens all the time.”
But this time, Bitcoin’s dominance is crumbling. This is a sign that altcoins are gaining more trust, more speculators, more money flowing into altcoins.
Svenson also claims that altcoins are currently in oversold territory.
“Altcoins are actually diverging bullishly from Bitcoin, one might say. What is clear when looking at the altcoin market cap is that sellers are exhausted. They have already sold too much and now altcoins are gaining dominance.
Source: Kevin Svenson/YouTube
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