Bitcoin dominance continues to shrink, which altcoins are poised for a breakout?
Bitcoin dominance is on a downward trend as other altcoins like IKA and PUMP rise to the occasion with gains ranging from 25% to above 30%. Here are our top picks for altcoin breakout season.
- Bitcoin dominance has been on a downward trend, falling by more than 5%.
- Some altcoins like Ethereum, Ika and Pump.fun have been seeing gains in the crypto market.
According to a recent CryptoQuant analysis, altcoins are breaking out of resistance levels as Bitcoin (BTC) dominance starts to wane. For instance, Ethereum (ETH) has been soaring above 170% in the wake of its 10-year anniversary on July 30. It stands only 20% below its historic all-time high, which remains at $4,878 for the past four years.
Despite the fact that Bitcoin has burst through its all-time high multiple times in this month alone, its dominance over the wider crypto market has started dropping gradually. Based on data from TradingView, BTC dominance has taken a free fall dive since the end of last month.
At press time, BTC dominance has fallen 5.87% in the past month and down 5.21% in the past three months. It has fallen from its previous peak at nearly 66% to just 61.37% on July 31. The decline coincides with Bitcoin hitting new highs, catapulting from just $111k to going beyond $122k.
Meanwhile altcoins like Ethereum and XRP (XRP) rallied strongly in the wake of BTC hitting its highs, suggesting traders may be shifting their attention away from BTC and investing more capital into altcoins. This signals a potential for altcoins to shine amidst BTC’s dimming light.
Here are some of the altcoins poised for a breakout sometime soon.
Ethereum
Ethereum has recently broken above key technical patterns, surpassing a long‑term barrier of around $2,770 and clearing the psychological $3,000 ceiling that was $3,000, now analysts have set their sights on breaking the ultimate barrier: $4,000.
Similar to Bitcoin, Ethereum’s rally is fueled by increasing institutional demand; with SharpLink recently buying out $295 million worth of Ethereum, boosting its ETH treasury to 438,190 ETH, which is worth nearly $1.7 billion based on current prices.
At press time, ETH is rising by 2% in the past 24 hours. The second-largest cryptocurrency is currently trading hands at $3,861. In the past week, Ether has been increasing by 6.2%.
Ika
IKA has been on an ongoing rally with the token rising by 25% in the past 24 hours. The token is poised for a climb above the all-time high if the rally continues. Just two days ago, it had broken through its all-time high and reached $0.0363. The potential for a breakout could be potent considering it is also trending on the charts.
At the moment, the token is in need of a market boost. If adoption of its parallel Multiparty Computation network grows meaningfully, IKA could continue its rally.
Pump.fun
Pump.fun (PUMP) had an explosive start with an initial coin offering that shot the price up to $0.0068 on July 16. Right now, it is 64% below its all-time high, but it is already climbing up the ranks. In the past day alone, the token has risen by 27.6%, becoming one of the top trending tokens of the day.
In the past week it has been on an uphill climb, rising by 8.8%. At its core, Pump.fun aims to democratize Solana (SOL)-based meme coin creation with a bonding‑curve token model and automated liquidity, raising $500 million at a $4 billion fully diluted valuation.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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