Renowned crypto analyst Matthew Hyland has predicted a potential surge in altcoin prices should Bitcoin's market dominance drop significantly from its current level above 64%. Hyland, who shared his insights via social media platform X, stated, "BTC dominance hasn’t even sneezed and Alts are ripping… What do you think happens if it drops from 65 to 45."
Despite Bitcoin maintaining a strong market position, altcoins have already begun rallying, with Ethereum (ETH) leading the charge by gaining 17.68% in the past week. Other altcoins such as Stellar (XLM) have also shown impressive gains, while meme coins MemeCore and Mog Coin topped the gainers list.
This current altcoin rally, occurring while Bitcoin dominance remains high, suggests significant capital inflows into the altcoin market. Historically, a decline in Bitcoin dominance has preceded substantial altcoin seasons, and analysts suggest that a drop to 45% could trigger a massive altcoin rally.
Market observers note that the ongoing rotation of capital into altcoins reflects a dynamic shift in investor strategies, with increased liquidity and engagement in the altcoin sector. While regulatory implications remain under scrutiny, no immediate interventions have been reported.