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Bitcoin’s (BTC) dominance in the cryptocurrency market shows signs of decline, potentially paving the way for an altcoin season. This shift in market dynamics is largely due to the partial approval of spot Ethereum exchange-traded funds (ETFs) in the US, boosting investor sentiment towards altcoins. With the full approval expected in early July, the market could see a significant rise, offering profitable investment opportunities in altcoins.
Change in Cryptocurrency Investor Sentiment: 5 Prominent Altcoins
As Bitcoin continues to trade sideways, the largest cryptocurrency seems to be losing its dominance over the market, signaling a potential peak. Investors are beginning to shift their portfolios away from Bitcoin, reflecting the increasing dominance of altcoins. Cryptocurrency analyst Lark Davis suggested that an altcoin season is on the horizon and shared several promising altcoins that could yield high returns.
The first altcoin on the analyst’s list is Jupiter (JUP). For those unfamiliar, Jupiter is an Ethereum-based altcoin project powering the Jupiter Project, which focuses on blockchain accessibility and security. Despite a 4.00% drop last week, JUP recently showed a price increase, indicating potential for a rally. The analyst is optimistic about the altcoin’s future performance.
The second altcoin on Davis’s list is Aerodrome (AERO). Positioned within the Base ecosystem, Aerodrome aims to be a leading decentralized exchange. Historical price analysis and the Bitcoin block reward halving cycle suggest a potential rise towards $3.5. Currently, AERO is trading at $1.13, reflecting a 2% drop but with strong future prospects.
The third altcoin on Davis’s list is Subsquid (SQD). Subsquid, a blockchain indexing solution, is attracting the attention of major investors. The analyst predicts that the altcoin will reach $0.483455 by July 2024, marking a significant 228.90% price increase. With an upward trend and a Fear and Greed Index level of 73 (Greed), SQD stands out as a promising altcoin.
The fourth altcoin on the analyst’s list is Oasis (ROSE). Oasis, a Layer 1 network prioritizing scalability and privacy, caters to financial and artificial intelligence applications. Predictions by Changelly suggest that ROSE will rise to approximately $0.0532. Currently, ROSE is trading at $0.1011 with a slight increase and a market cap of 6.7 billion.
The last altcoin on Davis’s list is Fantom (FTM). The analyst predicts that despite current price fluctuations, Fantom’s FTM will rise to an average of $0.28 by the end of 2024, with prices ranging between $0.19 and $0.23. Currently, FTM is trading at $0.87, with a market cap of 2.3 billion and a trading volume that has risen to 214 million, reflecting a 176% increase.
Market Outlook and Effects on Altcoins
The potential start of an altcoin season suggests that altcoins may soon become the focus of investors. The expected full approval of spot Ethereum ETFs in the US is seen as a catalyst for this change. As Bitcoin’s market dominance wanes, altcoins like Jupiter, Aerodrome, Subsquid, Oasis, and Fantom show promising signs for future price rallies.
Currently, the decline in Bitcoin’s market dominance and the partial approval of spot Ethereum ETFs have set the stage for a potential altcoin season. Analysts like Davis expect altcoins to make significant gains in the short to medium term due to their strong growth potential. As investors shift their focus to altcoins, the market could see significant movements, and altcoins could offer high returns.
