🚀 Altcoin Breakout Brewing — Market Dynamics Shifting Fast!
Bitcoin and large-cap altcoins have dominated the market this week. Bitcoin hit a fresh all-time high of $124,100, while Ethereum and Solana approached their previous peaks.
📈 Ethereum briefly touched $4,800 on Thursday, August 14. On-chain data now suggests that ETH and other altcoins could be gearing up for a major rally, potentially outpacing Bitcoin in market dominance.
According to CryptoOnchain via CryptoQuant Quicktake:
Stablecoin liquidity and Bitcoin Dominance (BTC.D) are signaling the start of an altseason.
ERC20 stablecoin supply hit a record $128.7B, increasing market liquidity and fueling altcoin purchases.
Active stablecoin addresses surpassed 250K, showing heightened network activity before large market cycles.
Binance’s All Stablecoins (ERC20) Exchange Netflow exceeded $67M multiple times in recent weeks, boosting investor buying power.
Technical insights:
BTC Dominance was rejected from its Previous Cycle Bull Run Resistance, historically a signal that capital flows from Bitcoin into mid- and large-cap altcoins — an early altseason indicator.
💡 The combination of rising stablecoin liquidity and BTC.D rejection could trigger a major altcoin breakout. Watch for:
A strong Ethereum breakthrough over its “This Cycle Bull Run Resistance”
A sustained drop in BTC.D
Despite a 1% dip in altcoin market cap over the past 24 hours ($1.57T), altcoin capitalization has surged 5% in the past week.