The cryptocurrency market has been relatively quiet since Monday, with Bitcoin hovering around $29.1k after briefly touching $30k. While the leading cryptocurrency maintains stability, some altcoins are showing interesting outliers, most notably Shiba Inu (SHIB), an Ethereum-based meme coin. SHIB has been gaining momentum in recent days, fueled by rumors of an imminent launch of the Shibarium mainnet and other major developments, including digital identification.
According to crypto price oracles, SHIB was trading around $0.00000861, up around 5 percent in the past 24 hours.
A shift to Altcoins
Michaël van de Poppe, a well-known crypto influencer and analyst, has made an intriguing suggestion that Bitcoin’s dominance may have peaked in the bear market. This development could signal a shift in market sentiment, potentially leading to increased interest in altcoins.
As the crypto market gears up for possible rotations to alternative assets, Poppe points to the presence of an upward rally in 2019 and its resurgence in 2022/2023, which has created notable resistance around the 200-week MA and EMA.
Read more: Altcoin season debates intensify amid Bitcoin dominance decline
What will collect first?
Poppe’s analysis indicates that top-ranked altcoins will likely begin to rally before smaller-capital altcoins experience a similar increase. However, he also notes that current interest in altcoins remains relatively low, as evidenced by the losses of most Bitcoin pairs of altcoins.
While an altcoin season is anticipated, Poppe advises investors to be careful not to invest everything in altcoins too quickly. In the meantime, Bitcoin continues to show minimal price swings, adding to the overall stagnant market sentiment.
Remember that the market is unstable
The cryptocurrency market is characterized by a sense of calm, with Bitcoin maintaining a tight price range. However, this placid facade may soon change as altcoins, particularly Shiba Inu (SHIB), show signs of gaining momentum. With potential game-changing developments on the horizon, it comes as no surprise that analysts are predicting an impending altcoin rally.
Also Read: Crypto News: Did “Laser-Eyed Biden” Accidentally Defend Bitcoin?
It is critical for investors to remain vigilant and consider diversifying their portfolios to take advantage of the evolving dynamics of the market. While Bitcoin remains a stable investment, the potential shift to altcoins could present exciting opportunities for those looking to move beyond the dominant cryptocurrency.