Altcoin Market Shows Signs of Next Bull Run
All eyes have been on the *Bitcoin* market, which has experienced a nearly 30% surge in the past month, leading the way in the cryptocurrency markets. But, the altcoin market has also shown significant strength, indicating a possible forthcoming bull run.
Total *crypto market capitalization* has increased by over $300 billion in the past month, despite a 2.3% dip on the day. This suggests that the recent gains have been retained.
Altcoin Market Momentum
An analyst identified as ‘CryptoCon’ noted that altcoins are gaining strength even as Bitcoin makes major moves. The *uptrend in altcoin strength* and the crossing of the 50-week SMA (Simple Moving Average) barrier serve as clear indicators of this trend. Historically, such indicators have preceded strong upward price actions, similar to those witnessed in previous *bull market cycles*.
The current crossing of this technical indicator is ahead of schedule, with the anticipated timing being in the upcoming year. The analyst predicts a more powerful price action for both Bitcoin and altcoins, akin to the 2016-2017 period, and less of the subdued performance experienced in 2020. This aligns with the notion that altcoins may gain significant traction in the near future.
Early Altcoin Strength
Despite signs of strength, ‘Jelle’, another analyst, highlighted that the total altcoin market cap has yet to break out from its accumulation range. However, a ‘Supertrend Indicator’ discussed by ‘Moustache’ on November 17 flashed a *buy signal for altcoins*, a signal that has historically preceded bull markets.
Crypto influencer Dan Gambardello also contributed to the bullish view of altcoins by shedding light on the acknowledgment of altcoins chipping away at Bitcoin dominance by Blackrock. This incremental shift is a significant precursor to potential movements within the altcoin market.
*Bitcoin*, as the market leader, typically initiates market shifts, followed by Ethereum and other high-cap altcoins before a broader altcoin market response. These developments indicate a potential shift in market dynamics, with the altcoin market poised for substantial movement.
Despite the positive momentum, the total market capitalization has dipped to $1.43 trillion in the last 24 hours, signifying the beginning of a cooling period. However, amidst this retreat, some altcoins have shown resilience. *Dogecoin* (DOGE) has notably defied the trend with a 5.4% gain, while *Avalanche* (AVAX) surged by 18%, reaching over $24.
Conversely, Solana experienced a 9.6% drop, with Chainlink and Polygon (MATIC) also facing losses of 5% and 4.7%, respectively. These fluctuations demonstrate the dynamism within the altcoin market, indicating potential opportunities for investors.
*Editor Notes*: The altcoin market currently presents favorable indicators, pointing towards a potential bull run. It is crucial for investors to stay informed and research independently before making any investment decisions. For more insights into the cryptocurrency market, visit [Uber Crypto News](https://ubercryptonews.com).
**Opinion**: The evolving landscape of altcoins underscores the dynamic nature of the cryptocurrency market. Investors should carefully monitor these developments to capitalize on potential opportunities.