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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Altcoins Set For $627 Billion Inflow As Altseason Prepares For Takeoff

Semilore Faleti
Semilore Faleti
Last Updated: November 30, 2024 6:00 pm
3 mins read
altcoins

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After recent robust bullish performances by several altcoins, multiple analysts have tipped the altseason to have begun, building momentum for a major price explosion in the coming weeks. Interestingly, popular analyst EGRAG Crypto has weighed in on the discourse around a highly-anticipated altseason, predicting a potential market inflow of $627 billion.

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1 year ago

Bitcoin Dominance To Crash By 33% As Altcoins Fly – Analyst

In an X post on Friday, EGRAG Crypto provided valuable insight on the market growth potential of altcoins in the upcoming altseason. The analyst employed the Volume Range Visible Profile (VRVP), an analysis tool to identify key support and resistance levels based on trading volume, to study the trading activity of Bitcoin across different dominance levels.

For context, the alt season is a period where altcoins significantly outperform Bitcoin in terms of price appreciation. It is characterized by a relative decline in Bitcoin’s market share as capital moves into other cryptocurrencies. 

As shown in the weekly chart below, EGRAG Crypto notes that Bitcoin’s dominance is closing below its Value Area High (VAH) i.e. the upper boundary of heavy trading activity which currently acts as a resistance zone. 

This development is particularly bullish for altcoins as it signals increasing selling pressure on Bitcoin which may weaken its dominance over other assets.  Importantly, EGRAG Crypto also highlights the Value Area Low (VAL) i.e. lower boundary of heavy trading activity which is likely to act as support and target level for Bitcoin dominance in this altseason.

According to values drawn by the analyst, BTC Dominance will decline by 33.04% if it reaches its Value Area Low. Therefore, considering Bitcoin’s current market cap of $1.91 trillion, the altcoins are likely to record new inflows of $627 billion in the forthcoming weeks.

In addition, EGRAG Crypto also states Bitcoin Dominance will have a Point of Control (POC) target of 42% in this altseason. The POC represents a pivotal price/dominance level with the most trading volume and a decline below which signals a confirmative shift in market interest from Bitcoin to other cryptocurrencies.

altcoins
Source: EGRAG CRYPTO on X

Related Reading

altcoins, crypto

Altcoins ‘Starting To Run’ After Reclaiming This Key Level, Altseason Around The Corner?

1 year ago

Ethereum Remains Key To Altseason Charge

With more expert commentary on the altseason, analyst Michaël Van de Poppe has appraised the positive price performances of altcoins in the past month. Furthermore, the analyst states that if Ethereum (ETH), the largest altcoin by market cap, closes above 0.035 on the ETH/BTC chart for November, it will suggest a strong bullish period for altcoins in December.

At the time of writing, the altcoin market remains valued at $1.39 trillion representing 41.4% of the total crypto market cap.

altcoins
Altcoins market valued at $1.4 trillion on the daily chart | Source: TOTAL 2 chart on Tradingview.com
Featured image from Medium, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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