Bitcoin prices are causing major changes in the crypto space, where other altcoin projects are so deeply affected. Ethereum prices, which have been leaving Bitcoin for a while, also seem to have started to follow the star crypto. So, which cryptocurrencies can perform better now? Cryptocoin. com, we convey the details…
Analysts await as Bitcoin and altcoin prices plummet
The global cryptocurrency market cap, excluding Bitcoin, has now dropped below $1 trillion. So is bitcoin market cap. But Bitcoin’s dominance has been growing gradually since last week, and this could indicate increasing strength, according to experts. On the other hand, the dominance of other altcoins is increasing to some extent, although the dominance of Ethereum is decreasing slightly. While the dominance of both Bitcoin and Altcoin rises slightly, a strong alt season can be expected once BTC consolidates in the higher regions. However, analysts believe that the strong altcoin season will start very soon, in February.
At the moment, the Altcoin Index is almost reaching the top of the descending triangle that started to run out in December. The index is consolidating with lower support and after a long healthy consolidation, the asset is expected to bounce back to smash the descending trendline very soon, somewhere in mid-February 2022. It is hoped that this will also boost altcoins. If the altcoin season accelerates, altcoins that can immediately adopt the big uptrend and rally include Polygon (MATIC), Avalanche (AVAX), Cosmos (ATOM), Fantom (FTM), Decentraland (MANA), Harmony (ONE), Hedera (HBAR) and much more is shown. However, it is worth noting that every investor should invest in line with his own research.
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