Bitcoin prices are causing huge variations in the crypto space where-in other altcoins are getting impacted very deeply. Ethereum prices which had decoupled from Bitcoin for a while also appear to have begun following the star crypto. And hence trending within a small ascending channel. This may be an indication of the fast-approaching Altseason as the top 2 cryptos are unable to spike with a huge margin.
The global cryptocurrency market capitalization excluding Bitcoin has now plunged below the $1 trillion mark and so does the Bitcoin market cap. But the dominance of Bitcoin is growing gradually over the past week which may signify the growing strength. On the other hand, despite the dominance of Ethereum is slightly decreased, the dominance of the other altcoins is raising to some extent.
While the dominance of both Bitcoin and Altcoin are raising to some extent one can expect the beginning of a strong Altseason once BTC consolidated along the higher regions. However, the strong Altseason is believed to begin very soon in February.
Currently, the Altcoin Index is almost reaching the apex of the descending triangle which began depleting in December. The index is consolidating along with the lower support and after a prolonged healthy consolidation, the asset is expected to bounce back to smash the descending trend line very soon, somewhere in the mid of February 2022. And this may be when the Altseason may spike up with strong bullish momentum.
However, if the alt season gears up, the altcoins which may adopt the huge bullish trend immediately and rally high are, Polygon(MATIC), Avalanche(AVAX), Cosmos(ATOM), Fantom(FTM), Decentraland(MANA), Harmony(ONE), Hedera(HBAR), etc and many more.
Source: https://coinpedia.org/altcoin/alt-season-on-the-horizon-may-pickup-strongly-in-february/