Moreover, this optimism is clearly based on the market impact during the last breakout in May 2020.
The TOTAL3 market cap broke out of a descending triangle at the time, sparking a rally from around $65 billion to November 2021’s peak of $1.13 trillion.
Notably, this break sent altcoins soaring, as capital shifted from Bitcoin and Ethereum to mid and low-cap tokens, sparking multiple new all-time highs.
A similar outcome would finally usher in the long-awaited altseason , where other cryptocurrencies like XRP would dominate BTC and Ether.
Dwindling Bitcoin Dominance Further Fuels Altseason Prospects
Meanwhile, the decline in Bitcoin’s dominance further fuels the bullish outlook for altcoins.
Since its peak at 66% in June, Bitcoin’s market share has dropped 11.8%, with altcoin leader Ethereum leading the sector’s rebound.
After recovering over the last two weeks, Bitcoin’s dominance has resumed its downtrend this week, further raising the enthusiasm that altcoins would continue to gain weight against the pioneering cryptocurrency.
It currently trends at 58.20% and is on course for its third consecutive downtrend day.
Notably, these converging factors align with Pal’searlier assertionthat the market would see a similar rally from the 2017 bull cycle.
He mentioned the weakening dollar as a catalyst, with the recently highlighted bullish chart development also fueling these sentiments.
When the rally does start, the market analyst is specifically rooting for XRP to fly.
He shared this outlook in August, insisting thatXRP will full portto unprecedented prices.
DisClamier:
