Bitcoin Has Been Outgunned, An Altcoin Season is at Hand

Bitcoin’s (BTC) recovered from $29,500 by 65% on July 20 to rise to $48,200 on August 14. This means it took BTC less than a month to give the crypto market and investors a fresh moment to breathe and be happy again after the recent crypto market crash.

At the time of writing, BTC is trading at $45,181, according to CoinMarketCap. Bitcoin price is approaching the $46,000 level again. However, its last form of sideways trading allowed altcoins to step forward. As a result, the total market capitalization of altcoins has increased 80% since July 20. Meanwhile, the Bitcoin dominance price is down 10% since July 30.

According to TradingView data, the dominance rate of altcoins had been on the rise in recent weeks. But this trend slowed Bitcoin on July 30 as many altcoin projects rallied due to a market-wide oversold bounce. Many altcoins got into new partnerships, and also updated their protocols. This includes Ethereum.

In addition, NFTs and decentralized finance (DeFi) projects were the leading altcoin gainers over the past four weeks. Axie Infinity (AXS), Solana (SOL), and Terra (LUNA) are some of the biggest gainers. These coins saw their prices breakout to new all-time highs on August 17, 2021.

AXS, LUNA, and SOL prices surged by 400%, 340%, and 187% respectively. Of note, Solana and Terra began to gain popularity after the implementation of the London hard fork on the Ethereum network.