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For much of the week, Bitcoin and large-cap altcoins led the cryptocurrency market. Bitcoin reached a fresh record high of $124,100, while Ethereum and Solana flirted with their previous highs.
🎢Ethereum temporarily reached $4,800 on Thursday, August 14. The newest on-chain data shows that ETH and other altcoins may be just starting a lengthy rise that might overtake Bitcoin, the world's biggest cryptocurrency by market capitalization.
🎢CryptoOnchain said in a CryptoQuant Quicktake that the current data suggests an altseason is underway. Stablecoin Liquidity and Bitcoin Dominance (BTC.D) are the main on-chain measures supporting this optimistic theory.
🎢First, CryptoOnchain reported that ERC20 stablecoin supply has reached an all-time high of $128.7 billion. A big stablecoin supply increase usually increases liquidity, enabling investors to buy altcoins.
✅Additionally, stablecoin active addresses have surpassed 250K for the first time, indicating increased network activity and circulation levels before large market cycles.
✅In recent weeks, Binance's All Stablecoins (ERC20) Exchange Netflow has exceeded $67 million many times, according to the on-chain analyst. Positive exchange netflows improve investor buying power, according to CryptoOnchain.
👉According to the graphic above, BTC Dominance was rejected from its Previous Cycle Bull Run Resistance zone. These rejections have historically corresponded with capital flowing from Bitcoin to mid- and large-cap altcoins, an early indicator of the altseason.
👉Increased stablecoin liquidity and Bitcoin Dominance technical rejection might spark an altcoin market breakout. CryptoOnchain advised watching for a significant Ethereum breakthrough over its “This Cycle Bull Run Resistance” and a sustained BTC.D slump.
🎢In the previous 24 hours, the altcoin market has dropped over 1% to $1.57 trillion. TradingView reports that altcoin capitalization has increased by over 5% in the previous week.