Bitcoin dominance has fallen to a six-month low while altcoin market cap has jumped 50% since July, setting the stage for a potential September altseason, said Coinbase.
Altcoins have seen significant recent growth, while crypto market conditions suggest there could soon be a shift toward cryptocurrencies outside of Bitcoin, according to Coinbase.
“We think current market conditions now suggest a potential shift towards a full-scale altcoin season as we approach September,” Coinbase Institutional’s global head of research, David Duong, wrote in a monthly outlook report on Thursday.
The Coinbase analyst joined a growing chorus of traders and market observers tipping for an imminent altcoin season.
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