Altseason is happening—Altcoin market cap may reach $500 billion in the upcoming price surge

Bitcoin has started to lose some profits after losing support at around $98,000, which is the key to rising above $100,000. The BTC price has stabilized for a while and recovered from the threshold in 2020, which has triggered the famous '2021 price surge'. Interestingly, Ethereum is also at the same time, and breaking out of this phase could trigger a strong ETH price surge.

Now the price of ETH is maintaining a strong upward trend while the star token, Bitcoin, is struggling to maintain its upward momentum. This could be a sign of the beginning of a strong altcoin rally, as Ethereum is about to experience a significant price increase. Altcoins are expected to rise soon, which may pique investors' curiosity and result in a strong liquidity flow into the platform. Besides, the dominance of BTC is being broken after reaching a high of over 61%, indicating that market participants have made some profit as 99% of BTC holders have made a profit. Liquidity may have flowed into other altcoins, resulting in the breakdown of Bitcoin's dominance while the altcoin market capitalization has reached a critical range.

The total market capitalization, excluding Bitcoin & Ethereum, has formed a double bottom pattern and after reaching the neckline, it has triggered a breakthrough and surged over 1000%. The levels have formed a similar pattern, while the levels have broken above the neckline after forming a double bottom pattern. Therefore, altcoins seem to be taking over, indicating that the altcoin season may be happening. Therefore, market participants should be prepared for an altcoin season to explode at any time from now on, which could bring the altcoin market capitalization to nearly $5 trillion.