Altseason is Upon Us: Recent Market Surges Overshadow Bitcoin’s (BTC) Market Dominance
As bitcoin’s potential bull run seems to have taken a slight detour, Altcoins are now the talk of the crypto town. Analysts suggest the Alts’ recent price signals signify a major run in the coming months. Axie Infinity Shards(AXS) and Solana (SOL) just recently recorded new highs. According to records from Tradingview, AXS surged about 400%, while SOL saw a rise just above 300%.
Tis’ the Season for Altcoins
Cardano(ADA) bulls now have a reason to smile. The cryptocurrency recently hit the $2 mark and may very well run past its previous high at $2.45. Earlier this week, ADA surpassed BNB to become the third-largest cryptocurrency by market cap. Although BNB and Tether are now ahead of it, the event uplifted ADA enthusiasts’ hopes.
Analysts resonate this run to the unveiling of Cardano’s upcoming Alonzo upgrade. On August 13, IOHK revealed the launch date for its smart contract is September 12. On the announcement day, ADA rose almost 17% to hit $2.05.
Although altcoins are doing well generally, Solana’s impressive run stands out. SOL recorded an All-Time High feat of $77.92 from a 7-day low of $39.38. The digital currency’s value in Mid-July was just a mere $24.50 and has so far risen above 300%. Its key support levels currently range from $55 to about $65, while its resistance levels lean around $78-$90. Bulls continue to hope the cryptocurrency breaks the resistance levels and hits $100 by the end year.
Possibilities or False Hopes
According to one price trend analyst from Twitter, Altcoins’ 30-day price performance is insufficient to green-light the alt season. The crypto enthusiast revealed the 90-day index performance of the Alts is at a two-year low. Yet, SOL and AXS numbers continue to pass signs of an unhinged bull run.
As investors speculate the Crypto market bull run is imminent, Crypto Twitter resume talks about memecoins. Mark Cuban stirred up DOGE Twitter, stating that proposing DOGE isn’t worth investing in is outrageous. Mark Cuban tweeted that the Dogecoin community is there for anyone to join and enjoy.
Bitcoin Struggles to Surpass $50K
The world’s largest crypto by market cap saw a promising rise from the $29K mark to its three-month high of $47.9K. Since clocking the high, bulls’ aspirations lean on BTC accelerating beyond $50K. It seems likely, but the crypto-world beater’s chances to break its key resistance level at $47K look somewhat dim.