Main cryptocurrency kicked off massive fourth quarter, pushing price past $ 50,000. In the last 24 hours, BTC price soared by 2.27% reaching $56,423 at the press time. The total market capitalization of the asset now stands at $ 1,063 billion, as the dominance over Altcoins rose to 45.283% because most of them are lagging behind the market leader.
Bitcoin Price On the Verge Of Major Breakout!
As Bitcoin dominance is in an uptrend, a huge flow of money is flooding into the asset causing price surges. On the other hand, the most dominant asset is about to break through at crucial resistance from $ 57,000. Surpassing this limit could lead to a major bull rally of the coin. Interestingly,
according to recent data from Health, over the past two weeks, 85.7k BTC was accumulated by addresses with 100-1000 BTC. It looks like a big price action is underway.
Popular crypto analyst Tedtalksmacro shared exciting data. The analyst hinted that the crypto space could experience immense altseason once Bitcoin’s dominance consolidates. He pointed to the historical footprints showing that in 2017, many altcoins outperformed Bitcoin after a drop in its dominance. He expects the same to rhyme in late 2021.
The Path to Altseason Is Here!
However, the total altcoin market cap is on the verge of a breakout. On September 6, 2021, the total altcoin market cap was rejected at resistance of $ 1.357 trillion still dipping to $ 988 million. Then from point B, it took projection to $1.362 trillion on 6th October 2021 forming a double top pattern. It appears to consolidate for a month or two before a major breakout, likely until Bitcoin’s dominance crumbles.
Collectively, at present, the money is flooding into Bitcoin. Additionally, a massive amount is also flowing to Ethereum to keep pace with the main coin. A shift in the market trend could catalyze Ether to outperform the dominant asset. Slowly, large market cap altcoins could continue their momentum through the end of November or December. And by January 2022, regardless of market cap, altcoins with strong fundamentals could hit new highs resulting in a mega altseason.
