Altcoins
XRP, DOGE and SHIB ready for bullish moves?
The altcoin industry continued to bleed to the benefit of Bitcoin (Bitcoin), as evidenced by the growing market dominance. According to the latest market data, Bitcoin dominance was hovering around 56.20% on Wednesday, as the Bitcoin price slipped back below the $66,000 mark.
With the Bank of Japan (BoJ) raising its benchmark interest rate by 25 basis points, the US Fed is expected to keep its interest rate at 5.50% later today. As a result, the cryptocurrency market, led by Bitcoin and Ethereum (ETH) may soon continue in correction mode.
Moreover, historical data shows that August is not the most bullish month for the entire crypto sector, especially in the year of the halving.
When will Alt season start?
According to Benjamin Cowen, a well-known crypto analyst, the altcoin industry will bottom out in August and could start to rebound in September. The crypto analyst based his argument on the chances of the US Fed cutting its benchmark rate in September.
Meanwhile, market intelligence platform Santiment has highlighted a mixed signal for the altcoin season from cryptocurrency exchanges. According to Santiment, Ethereum has seen an exchange outflow of over 80,000 units over two months.
Since the launch of the Sther US spot ETFs, Tuesday was the second day of net cash inflows, with a total of approximately $33 million.
On the other hand, Santiment noted a bearish signal, as Tether USDT recorded a five-month high of currency outflows of around $346 million.
An increase in currency outflows involving stablecoins is seen as a decrease in overall purchasing power.
Best Altcoins to Buy
Some altcoins have signaled an inevitable bullish breakout with the expected altcoin season in the short term. For example, Ripple-backed XRP has gradually decoupled from the rest of the cryptocurrency industry with the recent bullish breakout.
Major meme coin projects led by Dogecoin (DOGE), and Shiba Inu (SHIB) have accumulated over the past five months, signaling an inevitable bullish breakout ahead.
Meanwhile, upper-layer projects led by Solana (GROUND), and Cardano (ADA) received much-needed regulatory clarity in the United States after the SEC dropped an investigation into securities law violations.
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