In the crypto world, changes happen in the blink of an eye.
However, altcoins have stood their ground despite Bitcoin’s recent price drop. After hitting a high of around $74,000, Bitcoin caused a ripple effect across the market. But instead of faltering, altcoins have shown strength, gaining ground since Bitcoin’s halving event last weekend.
A noteworthy trend in the cryptocurrency market is the changing dominance. Excluding Bitcoin, the total market cap, at about $1.03 trillion, has shown a weekly reversal pattern. At the same time, Bitcoin’s dominance has dropped by more than 2 basis points, settling at around 54.99 percent by Friday.
These movements suggest a broader shift in market dynamics, with altcoins gearing up for potential gains.
Altcoin Season On the Way!
There’s a buzz in the air about the upcoming altseason, with analysts keeping a close watch on the ETH/BTC pair for signs of the next phase.
Altcoins to Watch
Polygon (MATIC)
Leading the pack is Polygon, an experienced Ethereum-based scaling solution driving mainstream adoption in the web3 world. With a stablecoin market cap of over $1.5 billion and bridged total value locked (TVL) exceeding $5 billion, Polygon’s momentum is strong.
According to a popular crypto analyst alias World Of Charts, technical analysis suggests that MATIC’s price against the US dollar is forming a bullish flag, with projections pointing towards a rally to $1.3 soon. Moreover, MATIC’s price on the weekly chart is retesting a bullish breakout, hinting at a potential rally to new all-time highs.
NEAR Protocol (NEAR)
nother contender on the verge of a breakthrough is NEAR Protocol, a rapidly growing layer-one blockchain with a TVL of over $309 million. With a fully diluted valuation of around $8 billion and a daily average traded volume surpassing $802 million, NEAR has caught the eye of investors.
Analysts predict a possible 2X rally for NEAR’s price pending a successful breakout from a bullish flash, highlighting the coin’s potential for significant gains.
What other altcoins are you keeping an eye on? Let us know.