As we stepped into 2023, the cryptocurrency markets began to shake off the bearish influences that dominated the previous year. Major tokens surged to reach temporary highs before the threat of selling pressure re-emerged, hinting at a possible false rally. Concurrently, altcoins seemed to be caught in a tug-of-war between bullish and bearish trends. Many times, the market seemed on the brink of an ‘AltSeason’, only to have the bullish momentum falter at crucial junctures.
Surge in Crypto Market Capitalisation
Despite the uncertainties, the global crypto market capitalisation is on an upward trajectory, potentially surpassing the $1.45 trillion mark with a slight increase in Bitcoin (BTC) prices. More notably, the altcoin market capitalisation has been showing significant growth, hitting its highest level since August 2022. This recent surge could signal the end of the bear market accumulation phase, paving the way for the next bull cycle.
Altcoins on the Rise
The rise in altcoins is not expected to be a smooth upward journey, but rather a rocky path that could extend into next year’s summer. The real bull market is predicted to kick off towards the end of 2024 or the beginning of 2025. The altcoin market cap is approaching a crucial point that it last saw in August 2022. Altcoins have been on an upward trend for several weeks and are expected to experience further growth. The resistance area of approximately $460 billion to $470 billion is viewed as the most logical short-term target. Therefore, in the coming months, we could see a break above the critical resistance at $560 billion, potentially pushing the levels beyond $625 billion.
Bitcoin’s Dominance and the Prospect of a Mini-AltSeason
Meanwhile, Bitcoin’s dominance has been steadily increasing, reaching new heights. This could lead to altcoins underperforming, as Bitcoin’s dominance is projected to continue rising. The levels are following an upward trend line, serving as a robust support base. If these levels break the trend line, altcoins could outperform Bitcoin, setting the stage for a mini-AltSeason.
For those interested in tracking these trends and shifts in the crypto market, the cryptoview.io application offers a comprehensive platform for monitoring the performance of various cryptocurrencies, including altcoins. Stay updated and make informed decisions with cryptoview.io.
