A well-regarded analyst and trader believes that altcoins are on the verge of a significant breakout, potentially surpassing Bitcoin’s performance. Crypto strategist Ali Martinez, who has a following of 72,200 on the social media platform X, is closely monitoring the TOTAL3 chart, which represents the market capitalization of all cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins.

Martinez has shared insights indicating that the TOTAL3 chart is poised for a substantial upward movement. He stated, “The altcoin market cap looks set to exceed $1 trillion… It’s only a matter of time before we enter altcoin season!”

Source: Ali Martinez/X

As of now, TOTAL3 is valued at approximately $603.371 billion. Additionally, the trader is analyzing the Bitcoin dominance (BTC.D) chart, which measures Bitcoin’s market cap in relation to the rest of the cryptocurrency market. Martinez believes that BTC.D is showing signs that may be favorable for altcoins.

“Bitcoin dominance appears to be reaching its peak, suggesting a potential decline to around 47% – paving the way for an altcoin season!”

Source: Ali Martinez/X

A decrease in Bitcoin dominance could indicate that altcoins are appreciating in value at a quicker rate than Bitcoin itself. Currently, BTC.D is at 57.48%.

Focusing on the layer-1 platform Sui (SUI), the crypto strategist notes that it seems to be mirroring a pattern exhibited by Solana (SOL) roughly three years ago before it experienced a dramatic surge.

“SUI resembles Solana back in 2021 prior to its bull run!”

Source: Ali Martinez/X

In 2021, Solana skyrocketed from $1.50 to an impressive peak of $259.96. At present, SUI is trading at $1.53.

Don’t Miss a Beat –
Subscribe to receive email notifications directly to your inbox.
Check Price Action
Follow us on X, Facebook, and Telegram
Explore The Daily Hodl Mix

**Disclaimer:** The views expressed in The Daily Hodl do not constitute investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please be aware that all transfers and trades are made at your own risk, and any potential losses are your responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it act as an investment advisor. Additionally, The Daily Hodl engages in affiliate marketing.
Generated Image: Midjourney