Since early-2018’s market crash, crypto investors have been waiting for altcoins, digital assets that are not Bitcoin (BTC), to surge higher. Unfortunately for these investors, this hasn’t happened yet, with Bitcoin’s dominance rallied from 33% to a high of 71% last year in 18 months’ time, surging on the deaths of altcoin projects.
But, it appears that a new altcoin season, best known as an “altseason” within the cryptocurrency trading community, is right on the horizon.
Over the past few weeks, an interesting trend has developed in the cryptocurrency market: as Bitcoin has rallied by over 30% from the local bottom of $6,800, altcoins have outpaced the market leader, with some crypto assets gaining over 100% in the same time BTC surged to $9,000.
For instance, Bitcoin Satoshi Vision, on the back of news that self-proclaimed creator of the leading cryptocurrency Craig S. Wright may have access to a large stash of BTC, surged almost 300% higher in a week.
As a result of all this, BTC dominance - the percentage of the cryptocurrency market’s aggregate value made up by the leader - has fallen by 2% to 3% in a short period of time.
But according to Michael Van De Poppe, a trader at the Amsterdam Stock Exchange and noted crypto analyst, altcoins will surge dozens of percent higher if this one key thing happens:
Per his historical analysis of the BTC dominance metric, if this figure manages to fall below 67%, which is possible due to the recent price action and a bearish divergence, there will be dominance collapse to 7%.
Read more: https://www.newsbtc.com/2020/01/17/heres-why-altcoins-explode-higher-crypto-analyst-explains/