The crypto markets appear to be highly unstable at the moment, as the prices of most cryptos fluctuate very hard. While the Bitcoin price reached levels below $29,000, the other altcoins are displaying acute strength and trading above their respective support levels. Ethereum holding $1900, but the leader of the week remains XRP. However, Shiba Inu also made it for the day along with some other altcoins.
In addition, some other indicators point towards the possible beginning of an Altcoin cycle in the next few days.
Ethereum Displays More Strength Than Bitcoin
As mentioned in the above chart, the Ethereum price has displayed acute strength by maintaining its trend above that of Bitcoin. However, both tokens have been maintaining an elevated trend, indicating that their prices may rise accordingly. Yet the ETH price sustains above $1900, regardless of market sentiments, signaling mounting strength that may lift the price.
Altcoins Surpassing Bitcoin in Daily Traded Volume
The altcoins have gained significant momentum in the recent past, specifically after the partial victory of Ripple in a lawsuit against the SEC. Soon after this, XRP’s price soared by nearly 100% to reach very close to $1. Moreover, the trading volume of XRP exceeded $14 billion, surpassing the volume of Bitcoin. This indicates the rising interest of the traders in the altcoins as they keep a close watch over the external factors that may impact the value of Bitcoin and the altcoins.
Dropping Bitcoin Dominance
Bitcoin’s dominance has maintained a steep upswing ever since it flipped the lows around 43% in mid of March 2023. The levels raised to mark the yearly high at around 52% which indicated the beginning of the Bitcoin bull run. Unfortunately, the price dropped with a drop in the dominance which is currently lingering around 48.5% and the growth in the strength of the altcoins signals the possibility of an altcoin cycle could be nearby.
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