Altcoins Surpass $1.07 Trillion as Bitcoin Dominance Weakens

The altcoin market cap has surpassed $1.07 trillion, exceeding a key resistance level and sparking speculation about whether an 'altseason' is underway.

This milestone comes as Bitcoin's dominance weakens, with the altcoin OI (Open Interest) not yet reaching risk levels, according to Glassnode. The resurgent Ethereum has also contributed to the altcoin strength, which could continue in the coming days and weeks.

The Crypto Market Fear and Greed Index rose above 60 on August 20th and hasn't dropped below this mark since, signaling bullish market strength. The latest Bitcoin rally from $76k back above $80k has led to another surge in bullish sentiment.

Despite the optimism, analysts caution that heightened leverage could increase the risk of a pullback. However, the conditions currently support further gains for the altcoin market, with 70% of altcoins on Binance having moved back above their 200-day moving average.