Following bitcoin’s overnight rally to $35,000 on the latest news of the imminent approval of BlackRock’s spot ETF, Dogecoin (DOGE), Binance Coin (BNB) and the rest of the crypto market also showed bullish strength by breaking through key graphical resistance levels.
Analysts are predicting triple-digit percentage gains for BNB and DOGE in the coming year, in line with the cyclical nature of the altcoin market, which peaks every four years.
The long-awaited altseason could be coming soon: in the meantime, Bitcoin’s dominance and the overall capitalisation of the crypto sector are giving traders encouraging signals.
Is it time to position yourself for the next bull run?
Find out in this article.
Summary
The performance of Binance Coin (BNB) and Dogecoin (DOGE) after the latest surge in the crypto market
Bitcoin surged to $35,000 overnight, shortly after BlackRock’s iShares ETF with the ticker ‘ibtc’ was added to the DTCC, while also fuelling the rise of other cryptos such as Binance Coin (BNB) and Dogecoin (DOGE).
Crypto analysts are predicting that the two coins will make their holders happy in the coming year, when the entire market is likely to explode.
Cryptocurrency exchange Binance, despite coming under regulatory pressure from various governments around the world, manages to maintain its dominance in the digital currency exchange market by collecting more than 50% of all spot volume on centralised platforms.
From mid-April to September, BNB Coin, Binance’s in-house currency, was punished in the market due to regulatory uncertainties, only regaining ground in the last week.
At this point, however, and in light of the cryptocurrency’s 25th quarterly burn, in which 2.14 million tokens were burned for a total of more than $470 million, BNB is poised to reassert itself as one of the market’s key players.
The next price targets for the crypto are $250, an area where there is a strong presence of sell orders, and then $300, a psychological threshold that, if broken, could definitely usher in the bull market for the currency.
Beware, however, as the Binance coin is currently overbought on the chart and could give way to a short speculative manoeuvre by the bears.
In the medium term, however, the recovery of the points lost due to SEC bullying and pressure from other regulators now seems clear.
As for Dogecoin, the market’s main memecoin, analysts are predicting that a rally is just around the corner after DOGE closed yesterday’s daily candle up +10%.
The best-case scenario for the world’s most famous crypto-dog is the implementation of the currency within Elon Musk‘s social platform X, where DOGE could serve as an alternative means of payment for premium services.
The multi-billionaire Tesla patron has proven time and again that he is a Memecoin supporter, and a few months ago he foreshadowed what could be his next move by inserting the Dogecoin logo in place of the familiar little bird from the old Twitter logo.
Since the beginning of the year, DOGE has been rejected on a number of occasions as traders have tried to push it higher, most recently dropping below $0.06.
However, after King Bitcoin’s latest rally, the crypto-meme also flexed its muscles, suggesting that a return to $0.1 is only a matter of time.
As with BNB, an excessive rise in recent days, with the RSI in the overbought territory, may cause some unhappiness among holders, but prices are expected to stabilise within a few weeks before the rally resumes.
Altseason on the horizon: pumping bitcoin’s dominance and overall market cap
To fully understand whether the recent performances of Binance Coin (BNB) and Dogecoin (DOGE) herald a return to altseason, it is necessary to broaden the horizons of analysis and observe the trends of two charts in particular.
Let’s talk about the dominance of Bitcoin and the total capitalisation of the crypto market, whose upward trends are essential for the future growth of the alt-market.
Bitcoin’s dominance currently stands at 53.90% and has just broken a resistance that could send the index into the 60% zone.
This process is crucial for capital to flow into the king of the market and then spill over to the rest of the cryptocurrencies, causing a crash in dominance, as happened in 2021.
According to the timeline, it will probably take a few more weeks before altcoins can gain the upper hand.
For now, only Bitcoin is in charge.
Of course, it is not possible to draw conclusions just by looking at the BTC dom chart, but it is worth supplementing this data with that of the total capitalisation of the crypto sector.
The latter, much to the delight of shitcoin traders, is also rising strongly, up +8% in the last 24 trading hours.
Should the current weekly candle close above the $1.25 trillion mark, it is possible that the market’s growth could extend further, allowing bitcoin’s dominance to grow in a healthy way.
This would set the stage for a subsequent pumping of altcoins, which would systematically struggle to emerge in the event of a decline in total market capitalisation.
The “Altseason Index”, which encapsulates the reasoning just discussed, suggests that it is still early days for a period of alt-dominance and that we are currently in a strong “Bitcoin season”.
However, the rallies in Biance Coin (BNB), Dogecoin (DOGE) and other currencies are encouraging that the trend is about to reverse.
We should also remember that this chart comes a little later than the market turns, so we may be closer than we think to the return of altseason.
It is also important to understand that the best time to enter the smaller cryptocurrencies in the sector is not when the index tops, but rather when the uptrend starts from the bottom.
, Binance Coin (BNB) and the rest of the crypto market have expressed their bullish strength.){kind=link}