What's up, my crypto people! Are you ready for some news that’s going to send chills down your spine? 🤑 Bitcoin, the king of cryptos, just broke it and reached a new all-time high (ATH) in July of this year. Yes, you heard it right, Bitcoin's greenback is higher than ever! 📈
But watch out, here comes the interesting part: while Bitcoin was celebrating its big party at the top, Bitcoin Dominance (BTC.D), that is, the slice of the pie it has in the entire crypto market, dropped a little! It went from 66% to 64.5%. And what does that mean, you may ask? Well, it means that altcoins are gaining strength, like a rocket without brakes 🚀.
Imagine this: the market capitalization of altcoins, that is, all the money that has gone into these cryptos that are not Bitcoin, has risen almost 10% since early July and has already surpassed 1.2 trillion dollars! 🤯 That's a lot of cash, and it's the first time we've seen something like this since May. Analysts are over the moon because this could be the signal they've been waiting for an "altseason," the season where altcoins skyrocket! 🌌
A guy who calls himself "Master of Crypto" (what a cool name, right?!) spilled the beans: Bitcoin doesn’t need to crash for the altcoin party to start. On the contrary, if Bitcoin stays calm, moving sideways, but its dominance keeps dropping, bingo! It’s the perfect recipe for smaller cryptos, those we call small and mid-cap, to shoot up like crazy 🚀. And if Bitcoin dominance drops below certain magical lines (the EMA50 and EMA200, for those who are sharp with charts), hold on tight because the altseason could be massive, with Ethereum, Solana, and even memecoins flying high! 🐕🦺🚀
And to add more fuel to the fire, experts are seeing that there is a lot of "dry powder" (that is, cash ready to invest) on the exchanges. The reserves of stablecoins (USDT and USDC) on Binance, for example, are above 31 billion dollars 💰. Meanwhile, Bitcoin reserves on the exchanges are decreasing. This is like when people take their money out of the bank to invest in something big, you know what I mean? People are holding their stablecoins, ready to dive in and buy altcoins when the time is right. They are ready for the big move! 🤸♀️
Now, the truth is that this altseason talk is like the story of the "lying shepherd," it has been said several times! And people are a bit skeptical. But analyst Michaël van de Poppe says it’s normal, that skepticism is part of the game when the market is hot 🔥.
So, stay alert, my people! This is getting good. Is this the time that the altseason we have all been waiting for finally kicks off? Only time will tell, but the signs are there! 🤩$ETH $BTC $SOL
