The primary cryptocurrency has given a massive kickstart for quarter 4, by taking the price beyond $50k. In the last 24 hours, BTC price soared by 2.27% reaching $56,423 at the press time. The total market cap of the asset now stands at $1.063 trillion, while the dominance over the Altcoins has risen to 45.283% since most of them are lagging behind the market leader.
Bitcoin Price On the Verge Of Major Breakout!
As Bitcoin dominance is in an uptrend, a huge flow of money is flooding into the asset causing price surges. On the other hand, the most dominant asset is on the verge of breakout at a crucial resistance of $57k. Surpassing this limit could lead to a major bull rally of the coin. Interestingly,
as per the recent data from Santiment, in the past two weeks, 85.7k BTC was accumulated by addresses with 100-1,000 BTC. Seems a big price action is on the way.
Popular crypto analyst Tedtalksmacro shared exciting data. The analyst hinted that the crypto space could experience immense altseason once Bitcoin’s dominance consolidates. He stressed historical footprints showing that in 2017 many altcoins outperformed Bitcoin after a fall in its dominance. He expects the same thing to rhyme in late 2021.
The Path to Altseason Is Here!
However, the total altcoin market cap is on the verge of a breakout. On 6th September 2021, the total altcoin market cap got rejected at a resistance of $1.357 trillion further dipping to $988 million. Then from point B, it took projection to $1.362 trillion on 6th October 2021 forming a double top pattern. It appears to consolidate for the next one or two months before a major breakout, probably until Bitcoin’s dominance plummets.
Collectively, at present, the money is flooding into Bitcoin. Also, a massive amount is flowing to Ethereum as well to keep up with the pace of the primary coin. A shift in the market trend could catalyze Ether to outperform the dominant asset. Slowly altcoins with large market caps might carry forward the momentum by late November or December. And by January 2022, regardless of the market cap altcoins with strong fundamentals could leap to new highs giving rise to mega altseason.