The excitement around meme coins on chains like Tron (TRX) and BNB Chain (BSC) is fueling anticipation for the long-awaited altseason. Bitcoin’s price is on track to close above $60k in August, potentially boosting a crypto bull run into September and the final quarter of 2024.
With institutional investors pouring money into U.S. spot Bitcoin ETFs, the stage is set for a potential altcoin frenzy. Last week, US spot Bitcoin ETFs saw a significant inflow of over $500 million, with a peak of $250 million on Friday.
What’s brewing?
Bitcoin Dominance: A Key Altseason Indicator
Bitcoin dominance, a key metric for predicting altseason, has hit a major resistance level. This suggests a possible shift in the market soon. Analyst Egrag Crypto predicts that the altseason could start within the next six to twelve months. They expect Bitcoin dominance to either reverse from current levels or rise towards 70 percent before changing direction.
Egrag Crypto believes the altseason will kick off once Bitcoin dominance drops below 50 percent. This could lead to a rebound in the ETH/BTC pair, which has been in a downtrend for the past two years.
DeFi Projects to Consider
The upcoming 2024/2025 crypto bull run is expected to favor the altcoin market, driven by increased institutional interest in tokenizing real-world assets. Projects like Solana (SOL), Toncoin (TON), Tron (TRX), and BNB Chain, which have seen a rise in daily active users, are anticipated to perform well in the coming quarters.
DeFi projects on these top chains are likely to attract more investors and users, leading to higher volatility, liquidity, and trading volume. As these projects grow, they could further energize the crypto market.
Will the altcoin market finally have its moment in the spotlight?
Also Read: Chinese Bitcoin Mining Firm Dominance Under Threat As US Push for “Made in USA” Mining
