2021 Crypto Update: Altcoins Surging as Bitcoin Dominance Holds Strong, Analyst Says
Overview
The cryptocurrency market is abuzz with excitement as altcoins surge in price, riding alongside Bitcoin‘s stability. Despite Bitcoin maintaining a dominant position with a 64% market share, altcoins are making impressive gains, hinting at a broader bullish trend for the crypto market.
According to crypto analyst Matthew Hyland, altcoins are gaining momentum even as Bitcoin‘s dominance remains steady. This phenomenon defies the traditional signal of an impending altseason, where a decrease in Bitcoin‘s dominance usually precedes a surge in altcoin performance. Despite this anomaly, experts suggest that the altcoin season is already in full swing, indicating a positive outlook for the entire crypto ecosystem.
Recent data from CoinMarketCap reveals some standout performers in the past week. MemeCore (M) led the pack with an astonishing 1,263% rally, followed by Mog Coin (MOG) with a 75% increase and Stellar (XLM) rising by 67%. Ethereum (ETH), the second-largest cryptocurrency, also saw a notable uptick, reinforcing the growing interest in altcoins as traders shift their focus.
Notably, the Altcoin Season Index on CoinMarketCap still designates it as “Bitcoin Season,” implying that Bitcoin continues to be the driving force in the market. However, market experts such as Michaël van de Poppe foresee a significant bullish run for altcoins on the horizon, anticipating substantial returns amid the evolving landscape.
On-chain analytics firm Santiment corroborates this sentiment, confirming the onset of the altcoin season. As long as Bitcoin maintains vital support levels around $110,000, traders are likely to divert profits into altcoins, fostering further growth in the crypto sphere.
In a groundbreaking development, Bitcoin‘s market capitalization has surpassed that of silver, reaching $2.34 trillion and securing the sixth position among the world’s largest assets. This achievement underscores the growing institutional interest in cryptocurrencies, with Bitcoin emerging as a preferred store of value alongside other prominent assets like Ethereum, which recently crossed the $3,000 mark.
The crypto market is witnessing a dynamic shift as altcoins surge in tandem with Bitcoin‘s stability. While Bitcoin maintains its stronghold, the rising prominence of altcoins signals a promising future for crypto investors, with institutional support and market trends favoring further growth and development.
Recent developments suggest that for more information, you can refer to the original article on [Cryptonews](https://cryptonews.com/news/crypto-analyst-altcoins-rally-strongly-while-bitcoin-dominance-remains-unshaken/) to stay updated on the latest trends in the crypto space.
