The crypto market has risen in the past few days and reached record levels.

Where the total value of the market rose to the level of 2 trillion dollars, which is the first time in the history of this emerging market.

It is interesting that altcoins are present in this recent rally and it is not just bitcoin that is driving this rally.

On the other hand, bitcoin has failed to cross $60,000 on multiple occasions over the past month and this month, fueling the notion that altcoin season is fermenting and about to kick off.

While many analysts believe that the altcoin season has already begun and that it is only punctuated from time to time by some corrections, there are those who compare and infer to the season that occurred in 2017-2018 and see that we are still far from it.

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Here are some indications of when altcoins will start:

Bitcoin dominance:

Bitcoin dominance is the best metric to measure the relative strength of altcoins at any time.

The Bitcoin Dominance Index measures the share of Bitcoin compared to the share of the entire crypto market.

Currently, the Bitcoin dominance index has fallen to 55.9%, knowing that it last reached this level in 2019.

It is important to note that the Bitcoin Dominance Index decisively broke the upward trend line just a few days ago, allowing the altcoins to gain more traction.

The significant decline in the dominance of bitcoin has allowed many altcoins to increase their value in dollars, as well as their value against bitcoin.

This applies to large, medium and even small cryptocurrencies, which is a definitive sign that altcoin season is in the making and leads us to our next point.

As can be seen from the Bitcoin dominance chart shown above, Bitcoin dominance is still far from the decline recorded at the end of 2017 and January 2018, and it is possible that there is much more room to fall, allowing altcoins to rise further.

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Huge gains for altcoins with medium or low market capitalization:

The value of alternative cryptocurrencies with medium or low market capitalization has increased significantly in the past few weeks.

In fact, the increases were quite surprising, and there are plenty of examples of this.

The most recent example is the digital currency of the trading platform “WazirX”.

The total market capitalization of the digital currency “WRX” reached about $1.07 billion at its recent high.

The value of this digital currency has increased by 1400% in the last month alone.

What is more interesting is that the digital currency “WRX” ranks 101st among the largest projects, and it still has a market capitalization of $850 million.

This shows how much the entire cryptocurrency space has grown over the past few months, with the same coin doubling in value in just the past two months.

But the examples do not stop there, we have seen an increase in larger projects such as “BitTorrent” which achieved a rise of more than 2000% in two weeks and by almost 750% in one month.

There are a lot of other examples such as the digital currency “THETA” and “Filecoin” which we all touched on in separate articles in Arab Bitcoin.

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The rise of these small and medium altcoins is evidence of the capital inflow from bitcoin to altcoins.

This indicator is one of the strongest indications that altcoin season is about to begin.

Capital Flow:

All of the above is in line with the narrative expressed by the analyst nicknamed “SecretsOfCrypto.” Through a post he published last February, this analyst outlined the flow of capital and how it occurs and funds move between Bitcoin and altcoins:

Currently we can already see that money is going from Bitcoin to other cryptocurrencies, which is clearly shown by the declining Bitcoin dominance ratio.

The chart above also describes the psychology of the market and how interest is shifting and accelerating toward altcoins.

Google Trends Indicator:

One of the most important indicators outside the crypto market, which enables to track the movement of users and what they search for on the Google search engine.

According to the above graphic, interest in “altcoins” throughout 2021 is clearly increasing.

However, despite its current rise, it is still far from the peak recorded in late 2017.

Just like the Bitcoin dominance scheme, so there may be more room for altcoins to grow.

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