The past seven days have been a wild ride and the bulls have a clear edge this time. The anticipation for another rally has peaked as the total crypto market cap once again hits over $2 trillion. However, in the last few months, weekends have been particularly tough on the market. The weekend blues brought with them the lows that stunned the market. Will this weekend be a pleasant upward ride in Bitcoin, Cardano, XRP, MATIC and Dogecoin, or will the market fall again? The subject from analisdollarserin’s eyes Cryptocoin. com we have prepared for you.
Leading cryptocurrency needs to hold ground
Speculation on market sentiment increased over the weekend as BTC tested $47,000. While the ride has been smooth so far, there are clear signals that the bull run continues. Also, things took a turn for the worse as BTC faced huge resistance.
There was no notable jump in Bitcoin’s active addresses and daily active addresses. While this is not a particularly bad sign, it is significant in that it shows BTC’s waning dominance. While Bitcoin pulled back its step at the level of 46 thousand dollars at the time of writing, market dominance also took a step back.
Bitcoin season is still in full swing
As Bitcoin’s dominance drops, the season for altcoins like Cardano, XRP, MATIC, and Dogecoin is generally expected to kick off. However, that was not the case at the time of this writing. While BTC dominance drops to lower levels from July and June, the market continues to look positive towards the leading cryptocurrency.
The altcoin season index was just 8, which clearly meant it was Bitcoin season. According to this website data, it takes place in an altcoin season when 75% of the top 50 cryptocurrencies outperformed Bitcoin in the last season (90 days). As the same thing has not been seen in the market, Bitcoin is still written all over the place in the current season.
Is the season of Cardano, XRP, MATIC and Dogecoin altcoins approaching?
The market has also been bullish on altcoins as altcoins such as ADA, XRP, MATIC and DOGE rallied last week. Given that, it should ideally be the start of an alternate season, but that wasn’t the case. However, this could very well be seen as a pre-altcoin season rally. Analyst Benjamin Cowen commented:
With BTC above the 20-week SMA as support and its current consolidation at $46-48k, there is ample room for altcoin levels to rise.
While most altcoins are filling the gap between their ATH, a heatmap shows that at the time of writing, a significant number of altcoins are in the red, i.e. losing their price. More altcoins needed to be green for an alt season to truly kick off, but this looks like a start.
In either case, the prospect of a major drop over the weekend was unlikely. However, with a correction in BTC prices, the market could also see a minor correction. Other than that, most measurements highlight healthy signs.