Discussions surrounding the start of the alt season, after Bitcoin’s dominance fell below 50 percent in recent days, have escalated in several crypto social media spaces.
The arguments for the start of an alt season centered around Ripple’s recent ruling on XRP sales in recent years. With XRP being sold on exchanges that are considered non-secure, most of the altcoins previously listed as unregistered securities have taken an optimistic view.
According to the latest crypto market data, XLM price is up more than 85 percent in July alone, while XRP and Chainlink (LINK) are up more than 53 percent in the same period.
Bitcoin dominance is waning, Altcoins take center stage
SOME SAY #ALT THE SEASON IS ALREADY HERE
I say.. Where exactly. We’ve had some pump, but when we get to #Altseason then you just wait till we get a real one. That will come when we break that resistance trendline
pic.twitter.com/F1JUZ91Z2i
— Crypto Tony (@CryptoTony__) July 21, 2023
According to a popular crypto analyst on Twitter with more than 320,000 followers, Crypto Tony (@CryptoTony_), the altcoin season has yet to officially start. The analyst argued from a technical standpoint that the recent altcoin pump is just increased volatility on specific projects. As a result, Crypto Tony expects the “real” altcoin season to begin after the market breaks above a macro resistance trend.
Notably, the analyst expects the total altcoin market cap, excluding Ethereum, to reach $480 billion from currently $356 billion. The altcoin market has higher volatility than Bitcoin due to its lower market cap and increased demand.
