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Breaking News: Crypto Market Structure Bill: Senate Sources Indicate Draft Release As Soon As Tomorrow
Altcoin season

Capo Of Crypto Says Market Is Similar To 2020 Altcoin Season, What Happened Last Time?

Scott Matherson
by Scott Matherson
Last Updated: July 25, 2024 9:30 am
·
Posted in Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The altcoin season, a name which represents a period where the prices of cryptocurrencies, besides Bitcoin, rise rapidly, has become synonymous with the crypto market. Despite predictions that the altcoin season was coming, it is yet to begin even after the Bitcoin price hit a new all-time high. However, this incredibly bullish period may not be too far off as one of the most popular analysts in crypto, Capo of Crypto, points out an interesting correlation between the current cycle and the 2020 cycle.

Capo Of Crypto Finds Similarities Between 2020 And 2024

Crypto analyst Capo of Crypto took to X (formerly Twitter) to announce that an altcoin season might be close due to current market trends resembling those from 2020 before the altcoin season began in the last bull run cycle.

Related Reading: Major Crypto Exchange Moves To Delist Cardano, Shiba Inu, And XRP Pairs

The crypto analyst quoted his analysis from 2020, where he explained why he believed that the altcoin season was coming. In that 2020 thread, Capo points to a number of factors, such as Bitcoin’s dominance reaching resistance, Bitcoin price reaching a bottom, and general sentiment being bullish, meaning a higher risk appetite among crypto investors.

At the time, the Bitcoin price had bottomed in December 2020, before the altcoin rally began. If this is the case, then it means the analyst believes that the Bitcoin decline is over. Also, at this point, investors could be getting ready to rotate profits from BTC into altcoins, speaking the start of another altcoin season.

Moving on, the analyst also points out that the Bitcoin dominance of the market was nearing resistance. In 2020, this level was around 72-75%. However, this time around, it seems the resistance level lies around 55-60% dominance for Bitcoin.

At the time, Capo pointed out that the Bitcoin dominance breaking down and the “OTHERS” dominance doubling from its position at the time would mark the start of the altcoin season. At the time of writing, the OTHERS dominance is sitting at 9.97%, according to data from TradingView. But if Capo’s 2020 analysis were to be applied here, the dominance would have to rise to around 20% to kickstart the altcoin season.

What To Do In An Altcoin Season

Altcoin seasons are important to the crypto market given that it gives the opportunity for smaller altcoins to rally and make gains for their investors. However, during this time, a lot of pump and dumps happen, which would lose investors money if they are not careful.

Related Reading: How To Win With Bitcoin: Crypto Analyst Outlines Important Levels For Buying

Like Capo pointed out in the 2020 X thread, while a lot of altcoins will see massive rallies, “What is shit remains shit.” As a result, the crypto analyst cautions investors that: “This time you will have to choose wisely. Not all the altcoins will have crazy returns.”

OTHERS dominance chart from Tradingview.com (Altcoin season)
Altcoin dominance remains low | Source: Crypto Total Market Cap Excluding Top 10 Dominance
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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