Altcoins Expected to See $627 Billion Inflow Amid Altseason
Recent bullish performances by several altcoins have led analysts to suggest that an altseason may have begun, potentially resulting in a market inflow of $627 billion, according to EGRAG Crypto.
Bitcoin Dominance Set to Decline
EGRAG Crypto's analysis using the Volume Range Visible Profile (VRVP) indicates that Bitcoin's dominance is nearing its Value Area High (VAH), which acts as a resistance zone. This trend suggests increasing selling pressure on Bitcoin, likely weakening its dominance over other cryptocurrencies during the altseason.
The analyst predicts a 33.04% decline in Bitcoin dominance if it reaches its Value Area Low (VAL). Given Bitcoin’s current market cap of $1.91 trillion, this scenario could facilitate new inflows of $627 billion into altcoins. Additionally, the Point of Control (POC) for Bitcoin dominance is expected to target 42%, signaling a shift in market interest towards altcoins.
Ethereum's Role in Altseason
Michaël Van de Poppe noted the positive price movements of altcoins and indicated that if Ethereum (ETH) closes above 0.035 on the ETH/BTC chart in November, it will signal a bullish period for altcoins in December.
The current valuation of the altcoin market stands at $1.39 trillion, constituting 41.4% of the total cryptocurrency market cap.
