Is Altcoin Back on the Horizon? Look at the impact of the Bitcoin market
With less than 72 hours to go before the monthly close, it is clear that Bitcoin (BTC) price will end a chaotic August on a sad note. However, Bitcoin price has established a strong support level above $58k in recent weeks, setting the altcoin industry up for further resurgence in the near future.
Research on the relationship between the Altcoin industry and Bitcoin
According to CryptoQuant technical crypto analysis, the crypto industry is likely to continue to strengthen in the short term as the correlation between altcoins and Bitcoin is positive. As a result, it is safe to assume that the positive correlation between Bitcoin and altcoins could create an opportunity for long-term buyers to stock up at discounted prices amid heightened fears of a possible crypto selloff in September.
According to CryptoQuant data, altcoins such as Bancor Network (BNT), Axie Infinity (AXS), Chainlink (LINK), Algorand (ALGO) and Cardano (ADA) are showing the highest correlation with Bitcoin.
On the other hand, CryptoQuant data shows that altcoins such as Dash (DASH), Curve DAO (CRV), dYdX (DYDX), BNB and My Neighbor Alice (ALICE) have low correlation levels, indicating that they are moving more independently than Bitcoin. .
Timelines for the expected Altseason
The timeline of the next altcoin bull run is in high demand among crypto investors. After being locked in a bear market for the past three years, crypto businesses are clearly excited for the parabolic altcoin rally.
The expected interest rate cut later this year in the United States during the upcoming general election is expected to trigger the next crypto bull market, which is largely in favor of the altcoin industry.
The recent reversal of macro bitcoin dominance is a key indicator of the upcoming altseason as demand for web3 protocols and digital assets increases.
