{"id":352041,"date":"2023-10-20T10:00:20","date_gmt":"2023-10-20T04:30:20","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=352041"},"modified":"2023-10-19T18:50:20","modified_gmt":"2023-10-19T13:20:20","slug":"why-bitcoins-dominance-may-not-stop-altcoins-historical-pattern","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-bitcoins-dominance-may-not-stop-altcoins-historical-pattern\/","title":{"rendered":"Why Bitcoin\u2019s dominance may not stop altcoins&#8217; historical pattern"},"content":{"rendered":"<ul>\n<li><em>The anticipated altcoin season could still happen before Bitcoin&#8217;s next halving.<\/em><\/li>\n<li><em>Altcoins like INJ, LINK, and SOL are showing signs of strength and readiness for a rally<\/em>.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For most of the second half (H2) of 2023, there was <\/span><a href=\"http:\/\/ambcrypto.com\/why-investors-should-stockpile-altcoins\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">speculation<\/span><\/a><span style=\"font-weight: 400;\"> that an altcoin season was nearby. But to the disappointment of the eagerly anticipated, altcoins could not fulfill the expectation.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 BTCs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">For context, an altcoin season describes a period where cryptocurrencies outperform <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h4><b>Patience is the name of the game<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">However, trader and founder of MN Trading Micha\u00ebl van de Poppe opined that the possibility should not be written off. He believed that Bitcoin\u2019s rising dominance may have halted the <\/span><a href=\"http:\/\/ambcrypto.com\/altcoins-1-bitcoin-0-why-traders-are-moving-away-from-btc\/\"><span style=\"font-weight: 400;\">initial altcoin sentiment<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The analyst also mentioned that this cycle, being the longest bear market ever, may have also pushed the altcoin season forward.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw\">#Altcoins<\/a> are in the last part of the bear cycle. <\/p>\n<p>Yes, it feels relatively painful. The sentiment is completely gone, no interest in crypto. <\/p>\n<p>The only thing moving is <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and, yet, that one needs to crack some levels. <\/p>\n<p>The end is near for the bear market. Read here\ud83d\udc47\u2026 <a href=\"https:\/\/t.co\/TLijWdMNKF\">pic.twitter.com\/TLijWdMNKF<\/a><\/p>\n<p>&mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1714712422022271206?ref_src=twsrc%5Etfw\">October 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Previously, AMBCrypto had <\/span><a href=\"http:\/\/ambcrypto.com\/as-bitcoin-dominance-surges-heres-a-look-at-the-factors-behind-the-rise\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> that the rise of the Bitcoin market dominance has pegged back the strength of <\/span><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">Ripple [XRP]<\/span><span style=\"font-weight: 400;\">, and <\/span><span style=\"font-weight: 400;\">Binance Coin [BNB]<\/span><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the weakness shown by these cryptocurrencies, van de Poppe noted that the historical altcoin season would happen before the 2024 Bitcoin halving.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, the analyst defended his point by making an example of tokens that were performing well. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to van de Poppe, the strength shown by the likes of <\/span><span style=\"font-weight: 400;\">Solana [SOL<\/span><span style=\"font-weight: 400;\">], <\/span><span style=\"font-weight: 400;\">Injective [INJ]<\/span><span style=\"font-weight: 400;\">, and <\/span><span style=\"font-weight: 400;\">Chainlink [LINK]<\/span><span style=\"font-weight: 400;\"> is proof that the current cycle would not be different from the former ones.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, INJ had a 10% increase in the last 30 days. LINK\u2019s <\/span><a href=\"https:\/\/app.santiment.net\/charts\/Yn2jVAFN__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">performance<\/span><\/a><span style=\"font-weight: 400;\"> within the same period was also an 8.76% hike, while SOL had more with 18.42%.<\/span><\/p>\n<figure id=\"attachment_352044\" aria-describedby=\"caption-attachment-352044\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.02.13-19-Oct-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-352044\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.02.13-19-Oct-2023.png\" alt=\"Chainlink, Injective, and Solana price action\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.02.13-19-Oct-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.02.13-19-Oct-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.02.13-19-Oct-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.02.13-19-Oct-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.02.13-19-Oct-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.02.13-19-Oct-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-352044\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h4><b>The market may be prepared for altcoins<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">But price action is not the only metric that could impact potential performance. Other metrics <\/span><a href=\"https:\/\/app.santiment.net\/charts\/bf-7k4oi__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">relating<\/span><\/a><span style=\"font-weight: 400;\"> to network activity can also help in projecting how far a cryptocurrency\u2019s value can go. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To start with, Injective\u2019s 30-day active addresses jumped 2x between 15 October and the time of writing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Active addresses show the level of interaction around a project. Thus, the hike in the metric suggests that there was a high level of speculation (possible accumulation) around INJ. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a case where the interaction maintains the status quo, INJ\u2019s price may not be far away from a substantial increase.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another metric to consider in this regard is token circulation. But this time, the <\/span><a href=\"http:\/\/ambcrypto.com\/chainlink-are-early-signs-of-a-promising-macro-rally-on-the-horizon\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">focus<\/span><\/a><span style=\"font-weight: 400;\"> is on Chainlink. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, LINK\u2019s Circulation (30d) metric was down to 52.12 million, meaning a lot of the tokens had not been used and have remained dormant within the aforementioned timeframe.<\/span><\/p>\n<figure id=\"attachment_352046\" aria-describedby=\"caption-attachment-352046\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Injective-INJ-12.13.04-19-Oct-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-352046\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Injective-INJ-12.13.04-19-Oct-2023.png\" alt=\"Chainlink circulation and injective active addresses\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Injective-INJ-12.13.04-19-Oct-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Injective-INJ-12.13.04-19-Oct-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Injective-INJ-12.13.04-19-Oct-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Injective-INJ-12.13.04-19-Oct-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Injective-INJ-12.13.04-19-Oct-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Injective-INJ-12.13.04-19-Oct-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-352046\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">LINK\u2019s market cap in ETH terms<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Typically, an increase in circulation would have suggested a high selling pressure.\u00a0 But the circulation decreased, and LINK may continue to hold <\/span><a href=\"http:\/\/ambcrypto.com\/chainlink-defends-7-can-it-recover-recent-losses\/\"><span style=\"font-weight: 400;\">tightly<\/span><\/a><span style=\"font-weight: 400;\"> to $7.<\/span><\/p>\n<p>Additionally, van de Poppe concluded that Ethereum\u2019s press time weakness was a sign of its last correction against Bitcoin. Due to this, altcoins may be close to their bottom and could be gearing for a leg up.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trader and founder of MN Trading Micha\u00ebl van de Poppe mentioned that this cycle, being the longest bear market ever, may have pushed the altcoin season forward. But will it last?<\/p>\n","protected":false},"author":72,"featured_media":352042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,35,360,66,3,4,20],"tags":[],"class_list":["post-352041","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Bitcoin\u2019s dominance may not stop altcoins&#039; historical pattern - AMBCrypto<\/title>\n<meta name=\"description\" content=\"To the disappointment of the eagerly anticipated, altcoins could not fulfill the expectation. 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