An experienced analyst and trader believes that altcoins are gearing up to outperform Bitcoin (BTC) and shine in the market.
Crypto strategist Ali Martinez, with a following of 72,200 on X, is closely monitoring the TOTAL3 chart, which tracks the market cap of all digital assets except for Bitcoin, Ethereum (ETH), and stablecoins.
Sharing a chart indicating a potential surge in TOTAL, Martinez predicts that the altcoin market cap is on the brink of surpassing $1 trillion, signaling an imminent altcoin season.
Currently, TOTAL3 is trading at $603.371 billion.
Martinez is also monitoring the Bitcoin dominance (BTC.D) chart, which compares Bitcoin’s market cap to the rest of the crypto market. He notes that BTC.D is showing signs that are favorable for altcoins.
According to Martinez, a potential dip in BTC.D to 47% could indicate the beginning of an altcoin season.
A declining BTC.D could suggest that altcoins are gaining value at a faster rate than Bitcoin. Currently, BTC.D stands at 57.48%.
Focusing on the layer-1 platform Sui (SUI), Martinez sees similarities between SUI’s current pattern and Solana’s (SOL) pattern from three years ago, just before SOL’s significant price surge.
In 2021, Solana surged from $1.50 to an all-time high of $259.96. Currently, SUI is valued at $1.53.
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