- Bitcoin’s dominance is declining, paving the way for a potential altcoin season where altcoins outperform Bitcoin
- Several altcoins from the 2021 bull run like Avalanche (AVAX), Polkadot (DOT), Fantom (FTM), Internet Computer (ICP), and Sui (SUI) are showing signs of gearing up for an explosive move in this cycle
- The post provides price targets and technical analysis for AVAX, FTM, SUI, ICP, and DOT, suggesting potential significant gains for these altcoins
The crypto market is heating up once again. With Bitcoin facing resistance on its way to $100,000, traders are turning their attention to altcoins that could see massive gains during this cycle. History shows that when Bitcoin consolidates, money flows into altcoins, causing them to rally. As we analyze the market, these 5 stand out as top contenders based on their performance in 2021.
Bitcoin Dominance Declines, Opening Door For Altcoins
Bitcoin dominance peaked at 61.53% on November 18, its highest level since 2021. Since then it has declined to 58.97% on November 26, 2024. Typically when Bitcoin dominance drops, money rotates into altcoins, signaling the start of “alt season.”
During the 2021 bull run, Bitcoin dominance sank to 40% as altcoins took off, doubling in price. A similar rotation could push altcoin prices higher in this bull run.
Top Altcoins From 2021 Bull Run Ready To Explode
In the 2021 bull run, altcoins like Avalanche (AVAX), Polkadot (DOT), Fantom (FTM), Internet Computer (ICP), and Sui (SUI) generated huge returns for traders. On-chain and technical indicators suggest they may outperform again.
Open interest in these tokens spiked on November 22 and remains elevated, showing rising interest from traders. Meanwhile, trading volumes and address activity point to high engagement.
With interest growing around Ethereum competitors and utility tokens, these names are relevant again. Traders are watching for signs of another altcoin breakout.
Top 5 Altcoin Price Targets
Here are the top 5 altcoins primed for a bull run according to the technical charts:
- Avalanche (AVAX)
Target: $80
Potential Gain: 55%
- Fantom (FTM)
Target: $16.817
Potential Gain: 50%
- Sui (SUI)
Target: $39,409
Potential Gain: 15-26%
- Internet Computer (ICP)
Target: $209.85
Potential Gain: 50%
- Polkadot (DOT)
Target: $23.85
Potential Gain: 51%
Conclusion
Based on declining Bitcoin dominance and rising interest in the top 2021 altcoins, conditions seem favorable for an altcoin breakout in the near future. Traders will be closely monitoring Bitcoin’s moves near $100k for signs of consolidation and rotation into altcoins. The technical setup suggests these 5 names could be top targets for altcoin rallies over the coming weeks.
