A widely followed analyst and trader believes altcoins are poised to have their moment of glory and surpass Bitcoin (BTC).
Crypto strategist Ali Martinez tells his 72,200 followers on social media platform X that he closely monitors the TOTAL3 chart, which tracks the market capitalization of all digital assets excluding Bitcoin, Ethereum (ETH) and stablecoins.
The trader shares a chart suggesting that TOTAL is about to experience a strong upward push.
“Altcoin market cap looks set to surpass $1 trillion… It’s only a matter of time before altcoin season!”
At the time of writing, TOTAL3 is trading at $603.371 billion.
The trader also keeps an eye on the Bitcoin Dominance (BTC.D) chart, which tracks Bitcoin’s market cap relative to the rest of the cryptocurrencies. According to Martinez, BTC.D is giving off a signal that bodes well for altcoins.
“Bitcoin dominance appears to be peaking, hinting at a possible drop to 47% – setting the stage for an altcoin season!”
A bearish BTC.D may indicate that altcoins are increasing in value faster than Bitcoin.
At the time of writing, BTC.D is hovering around 57.48%.
Looking to Layer 1 platform Sui (SUI), the crypto strategist believes the altcoin appears to be repeating a pattern that Solana (SOL) printed about three years ago before triggering an exponential surge.
“SUI looks like Solana in 2021 before the bull run!”
In 2021, Solana rose from $1.50 to an all-time high of $259.96. At the time of writing, SUI is worth $1.53.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: Midjourney
