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The cryptocurrency market has long awaited an altcoin season, but these expectations have yet to materialize. Cryptocurrency analyst Tom Crown shared his views on when this season might start and listed the altcoins to watch during this period.
Bitcoin’s Market Dominance and Obstacles to Altcoin Season
Current market conditions show that Bitcoin (BTC) still holds a high dominance over the market. Bitcoin’s market dominance hovers around 57%, negatively impacting the performance of altcoins.
Crown emphasized that the high dominance level indicates that the altcoin season has not yet started. The high dominance level means Bitcoin’s market value continues to hold a significant share of the overall cryptocurrency market, and a clear signal for investors to turn to altcoins has yet to emerge.
Altcoins Expected to Stand Out in an Altcoin Season
While the altcoin market has faced various issues over the past five months, institutional interest continues to grow. Regulatory changes in the US have created a favorable environment for altcoins. The US Securities and Exchange Commission (SEC) has backed down on classifying Ethereum (ETH) as a security, while a court ruling blocked the attempt to classify XRP as a security. These developments might indicate that an altcoin season is approaching. Crown listed a few altcoins that could stand out in a potential altcoin season, including Tron (TRX), Ethereum (ETH), Polkadot (DOT), and Chainlink (LINK).
TRON grew by 98% in 2023, drawing attention. Crown noted the increase in TRX’s market value, suggesting it could perform well during an altcoin season. Ethereum continues to stand out as a widely adopted and continuously developing altcoin. According to the analyst, increased entries into spot Ethereum ETFs in the US could positively impact ETH’s price.
Polkadot stands out with its unique multi-Blockchain structure, and the descending wedge formation seen in technical analysis indicates a potential upward movement. Crown emphasized that DOT’s innovative technology could perform well in an altcoin season. Chainlink continues to attract attention with its strong fundamentals and increasing project integrations. LINK gained 12% in value over the past 7 days, showing a positive trend, and according to the analyst, it maintains its position for future gains.
