As per the latest market analysis, Bitcoin‘s dominance in the crypto market is starting to lose momentum, indicating a potential rally in the price of other cryptocurrencies. Prominent crypto trader and founder of venture capital firm Mechanism Cap, Andrew Kang, believes that if an altcoin season is to begin, it will only be among the best of them.
Also read: Bitcoin Price Prediction 2023, 2024, 2025, 2026 – 2030
Here’s what the expert has to say about a potential surge in altcoins (while Bitcoin takes the backseat) and the top contenders for the rally.
Andrew Kang’s Altcoin Picks
Kang notes that Bitcoin’s dominance in the market has started to decline and has reached a strong level of resistance at around 47.8%, as shown by his BTC.D chart. This suggests that altcoins may be poised for a comeback.
Related: Bitcoin Dominance Hits Critical Level- When Can Traders Expect Altcoin Season? – Coinpedia Fintech News
History supports this claim. In the summer of 2018, Bitcoin’s dominance reached a similar level of resistance and went even higher only once. Thus, a trend reversal could be on the cards.
In light of this, Kang suggests that altcoin investors should focus on the best coins in the market. According to him, the three top contenders currently are Ethereum, Dogecoin, and Arbitrum.
“Bitcoin’s dominance in the crypto market has been strong for some time, but it’s starting to show signs of losing momentum,” says Andrew Kang of Mechanism Cap.
Why DOGE and ARB?
While Ethereum’s position in the market is well-established, Kang’s choice of Dogecoin and Arbitrum may raise eyebrows. A quick comparison of the prices of DOGE and ARB in the last 24 hours shows that the asset is currently priced at around $0.25, with a market capitalization of around $33 billion. ARB, on the other hand, is priced at around $200, with a market capitalization of around $17 billion.
Doge and ARB have been making waves in the crypto community recently. Dogecoin, in particular, has garnered a lot of attention due to its recent surge in price and high-profile endorsements from celebrities like Elon Musk. Meanwhile, Arbitrum’s innovative approach to scaling Ethereum has also piqued the interest of investors.
Source: https://coinpedia.org/altcoin/top-best-bet-altcoins-to-watch-this-bull-market/