A closely followed analyst and trader thinks that altcoins are gearing up to have their time under the sun and outperform Bitcoin (BTC).
Crypto strategist Ali Martinez tells his 72,200 followers on the social media platform X that he’s keeping a close watch on the TOTAL3 chart, which tracks the market cap of all digital assets excluding Bitcoin, Ethereum (ETH) and stablecoins.
The trader shares a chart suggesting that TOTAL is about to witness a big burst to the upside.
“The altcoin market cap looks primed to surpass $1 trillion… It is just a matter of time before altcoin season!”
At time of writing, TOTAL3 is trading at $603.371 billion.
The trader is also keeping an eye on the Bitcoin dominance (BTC.D) chart, which tracks the market cap of Bitcoin against the rest of crypto. According to Martinez, BTC.D is flashing a signal that bodes well for altcoins.
“Bitcoin dominance seems to be topping out, hinting at a possible dip to 47% – setting the stage for an altcoin season!”
A bearish BTC.D may indicate that altcoins are rising in value faster than Bitcoin.
At time of writing, BTC.D is hovering at 57.48%.
Turning to layer-1 platform Sui (SUI), the crypto strategist thinks that the altcoin appears to be repeating a pattern that Solana (SOL) printed about three years ago before sparking an exponential surge.
“SUI looks like Solana back in 2021 before the bull run!”
In 2021, Solana rallied from $1.50 to an all-time high of $259.96. At time of writing, SUI is worth $1.53.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency 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.
Generated Image: Midjourney
Credit: Source link
