3 charts scream ‘it’s altcoin season’ as Bitcoin dominance hits 8-week lows

Key Points

1. A bullish 'cup-and-handle' pattern on TOTAL3 (market cap of all cryptocurrencies excluding Bitcoin and Ether) suggests a potential 100% rally to $1.98 trillion if it breaks above $1.1 trillion.

2. Veteran trader Peter Brandt identified a similar pattern on TOTAL2 (market cap excluding Bitcoin), targeting a 97% rally to $2.78 trillion for the altcoin market.

3. Ether's 24% surge in the past week is fueling optimism for altcoins, with predictions of a 'phenomenal' six months ahead.

4. Bitcoin's dominance has dipped to a weekly low of 62.61%, but analysts caution it may be too early to confirm a larger downturn.

5. Only 39% of the top 50 altcoins have outperformed Bitcoin over the last three months, indicating mixed performance in the altcoin market.