Cryptocurrency analyst Kevin Svenson believes an important Bitcoin metric indicates a potential surge in altcoins.
Bitcoin Dominance Declining
Svenson highlights Bitcoin dominance, which measures Bitcoin’s market value relative to other cryptocurrencies. He observes that dominance is falling below its trend line, suggesting that altcoins may be poised for growth.
Altcoins Gaining Strength
Svenson notes that the total altcoin market cap is holding steady despite Bitcoin’s decline, indicating that altcoin sellers are losing momentum. He believes this could lead to an influx of capital into altcoins.
Altcoins Oversold
Svenson points out that altcoins are currently oversold, meaning they may be undervalued and ripe for a rebound. He sees this as a bullish sign for altcoins.
Conclusion
Svenson believes that altcoins are gaining confidence and attracting more investors. He suggests that altcoin season, a period of significant altcoin growth, could be on the horizon.
