Cryptocurrency analyst Kevin Svenson believes altcoins are poised for a surge soon.
Bitcoin and Ethereum Driving Altcoin Momentum
Svenson points to Bitcoin’s recent sideways consolidation and Ethereum’s continued growth as indicators of an impending altseason. He notes that Bitcoin has dominated the market narrative since early 2023, but that narrative is now shifting towards altcoins.
Bitcoin Dominance Signals Altcoin Rise
Svenson also cites Bitcoin dominance as a sign of an impending altseason. Bitcoin dominance measures the market share of Bitcoin relative to other cryptocurrencies. A decline in Bitcoin dominance indicates that altcoins are gaining value faster than Bitcoin.
Altseason Historically Follows Bitcoin Dominance Decline
Historically, a decline in Bitcoin dominance has coincided with the start of altseason. Svenson believes this pattern is likely to repeat itself.
Disclaimer: This article does not provide investment advice. Always conduct thorough research before making any investment decisions.
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