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When Will Altseason Start?

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Jul 31, 2024 pm 06:21 PM

xrp SHIB DOGE

The altcoin industry has continued to bleed to Bitcoin (BTC), as depicted by the rising market dominance. According to the latest market data, Bitcoin

When Will Altseason Start?

The altcoin sector has continued to underperform Bitcoin (BTC), as evident from the rising market dominance. At the time of writing, Bitcoin dominance stood at 56.20 percent as BTC price slipped below $66k once again.

With the Bank of Japan (BoJ) having raised its policy rate by 25 basis points, the US Fed is expected to maintain its interest rate at 5.50 percent later today. This could see the crypto market led by Bitcoin and Ethereum (ETH) continue in a correction mode.

Moreover, historical data shows that August is not the most bullish month for the crypto industry, especially in a halving year.

When Will Altseason Start?

#ALT / #BTC pairs still haven't had a monthly close below support, suggesting that once again the Fed is unlikely to cut tomorrow.

If ALT/BTC pairs durably drop below 0.40 in August, then the odds of a September rate cut will be quite high. pic.twitter.com/tca6hZqAtW

According to popular crypto analyst Benjamin Cowen, the altcoin sector will bottom out in August and begin to recover in September. The analyst based this argument on the chances of the US Fed cutting its benchmark rate in September.

Top Altcoins to Buy

Several altcoins have signaled an upcoming bullish breakout with the anticipated altseason in the near term. For instance, XRP has gradually decoupled from the rest of the crypto industry with the recent bullish breakout.

Top meme coin projects such as Dogecoin (DOGE) and Shiba Inu (SHIB) have seen an accumulation for the past five months, signaling an inevitable bullish breakout ahead.

Moreover, top layer one projects like Solana (SOL) and Cardano (ADA) received some much-needed regulatory clarity in the United States after the SEC dropped an investigation into securities law violations.

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