Bitcoin Dominance Decline Amidst Altcoin Gains

Bitcoin dominance is currently experiencing a downward trend as altcoins like IKA and PUMP exhibit impressive gains between 25% and 30%. This suggests an upcoming altcoin breakout season.

Summary

• Bitcoin dominance has decreased by over 5%, falling to just 61.37%.
• Altcoins like Ethereum, Ika, and Pump.fun are seeing gains.

Recent analysis from CryptoQuant indicates that as Bitcoin’s (BTC) dominance decreases, altcoins are breaking through resistance levels. Ethereum (ETH), for example, has surged over 170% in celebration of its 10-year anniversary on July 30, now just 20% shy of its all-time high of $4,878 retained for the last four years.

Despite Bitcoin reaching new highs multiple times this month, its dominance is gradually dropping. Data from TradingView reflects a significant decline in BTC dominance, which has decreased by 5.87% in the past month and by 5.21% over the last three months, moving from nearly 66% to 61.37% on July 31. Interestingly, this period of decline coincided with Bitcoin’s price increase from around $111k to over $122k.

Traders appear to be shifting focus from Bitcoin to altcoins, indicating a promising opportunity for altcoins as Bitcoin’s influence lessens.

Top Altcoins Poised for Breakout

Here are some altcoins that may see a breakout soon:

Ethereum

Ethereum has broken significant resistance levels, surpassing $2,770 and successfully overcoming the psychological barrier of $3,000. Analysts are focusing on the next target: $4,000. Recent institutional interest has added momentum, with SharpLink acquiring $295 million worth of ETH, boosting its treasury to 438,190 ETH valued around $1.7 billion currently.

At the moment, ETH has risen by 2% in the last 24 hours, trading at $3,861, with a weekly increase of 6.2%.

Ika

IKA has seen a rally, climbing by 25% in the past day. Having recently surpassed its previous all-time high to reach $0.0363, it could push higher with increased adoption of its Multiparty Computation network.

Pump.fun

Pump.fun (PUMP) launched successfully, reaching $0.0068 on July 16 and is now 64% off its all-time high. It increased by 27.6% over the last day, making it one of the trending tokens. In the past week, PUMP has risen by 8.8%. The initiative aims to facilitate Solana (SOL)-based meme coin creation, raising $500 million at a valuation of $4 billion.

Disclaimer: This article is for educational purposes only and does not constitute investment advice.