#AltcoinBreakout
The bullish perspectives of Jelle and Brandt come as altcoins recorded their best performance against Bitcoin since late November 2024, breaking a several-month downtrend, as noted by analyst Stockmoney Lizards.
What is driving the altcoin rally is Ether's 24% performance over the past seven days, suggesting a capital rotation from Bitcoin as other cryptocurrencies catch up.
"ETH is trading at $3,400. Things can change that quickly," said MN Capital founder Michael van de Poppe, adding:
"These next six months are going to be phenomenal for altcoins."
Is Bitcoin season coming to an end?
Bitcoin dominance, or Bitcoin's market share relative to the global cryptocurrency market, is one of the indicators commonly used to indicate if altcoin season has begun. It reflects the overall sentiment of investors and risk appetite in the market.
This indicator had been following a downward trend since June 27, reaching an eight-week low of 62.61% on Thursday.
As Cointelegraph reported, several analysts stated that Bitcoin's market dominance had peaked as altcoins continued to rise.
Popular cryptocurrency analyst Mikybull Crypto stated that "Bitcoin dominance is collapsing," as it fell below the critical support provided by the 50-day simple moving average (SMA) at 64.78% and the 100-day SMA at 64.38%.
