The crypto market has sprung into life as Bitcoin ascends to new local highs of about $67,380, nearing a potential new all-time high (which is only $2k away) as 97% of Bitcoin holders stand in-profit. But Bitcoin isn’t the only coin the community is watching. Capital is now racing into meme coins and other altcoins as the market stands at a pivotal juncture, pondering whether an upcoming altcoin season could mark the beginning of a crypto bull run or if a corrective phase looms.

Amidst this, the meme coin surge and the broader altcoin market beckon for a deeper examination, especially in light of Bitcoin’s unyielding 57% rise (YTD) – which has fueled community speculations of an impending altcoin season.

Bitcoin’s Stellar Journey and the Altcoin Potential

Bitcoin’s recent rally to 2-year highs has not only fortified its market dominance but also left a vast majority of its holders in a profitable stance following two-years of crypto winter.

This robust performance, which put Bitcoin at almost exactly $67,400, juxtaposed against the backdrop of a surging meme coin sector, raises intriguing questions about the dynamics at play within the broader cryptocurrency market.

Crypto Altcoin News: As Bitcoin (BTC) approaches new all-time high, meme coins are taking off with a bang, but when will altcoin season start?

Indeed, Bitcoin’s impressive rally has been driven by strong shifts in fundamental factors, with the Securities and Exchange Commission (SEC) finally green-lighting spot Bitcoin ETFs back in January – opening the door to institutional accumulation volumes ahead of the upcoming April halving event.

With a dual effect of an uptick in demand via institutions, versus an upcoming supply shock in April – Bitcoin’s rise now seems inevitable.

The Altcoin Season: A Looming Reality or a Speculative Mirage?

Historical patterns and current market behaviors converge to paint a complex picture of the crypto ecosystem.

The surge in meme coins, often viewed as a harbinger of broader market shifts, has reignited discussions about the potential onset of an altcoin season.

Indeed, crypto pumps typically follow a predictable cycle: with Bitcoin leading the charge, followed by altcoins, and finally meme coins – however, traders have been left befuddled by an apparent misses altcoin season amid Bitcoin’s meteoric rise.

Yet, the narrative is not unilateral. While some analysts, echoing the sentiments of K33 Research, predict a forthcoming altcoin ascendancy, others caution about Bitcoin’s potential impending price correction, underscoring the market’s inherent unpredictability.

This isn’t without technical basis as Bitcoin’s RSI indicator screams at a severe over-bought signal, suggesting Bitcoin dominance could be nearing its peak. But all the while altcoin enthusiasts have been claiming that an altcoin season is nigh, Bitcoin dominance continues to push higher and higher.

bitcoin dominance chart
Bitcoin Dominance

If you’re interested in the bull case for Bitcoin dominnace, check out popular technical analysis analyst and influencer Benjamin Cowen’s extremely extensive breakdown in a recent X (Twitter) thread.

While arguments between community members over whether Bitcoin dominance is likely near its peak are bountiful, most seem to be bullish on the crypto asset class as a whole.

Speaking to Business2Community about the recent price rises, Bryan Tan, Partner and crypto-disputes expert at international law firm Reed Smith, highlighted the improved maturity of governments and regulators towards the asset class as a driving force.

“The main driver has been the approval of spot bitcoin ETFs as the funds load up on bitcoin,” said Tan.

“I have noted other countries are taking a wait and see approach to large scale institutional crypto investment so there may be more to come on this front.”

“Another point to note is that unlike previous run-ups of bitcoin, this comes against a backdrop of increasing regulatory clarity over crypto as opposed to the previous runs, which were based on bitcoin thriving in unregulated environments.”

The Bottom Line: A Confluence of Opportunities and Uncertainties

As the crypto market continues to evolve and mature, the interplay between BTC’s robust performance and the nascent altcoin resurgence encapsulates the market’s multifaceted nature.

While Bitcoin’s ascendancy underscores its foundational strength, the undercurrents hint at a burgeoning altcoin season, fueled by memecoin rallies and Ethereum’s critical price movements.

Investors and enthusiasts alike stand at a crossroads, navigating through a landscape brimming with opportunities and uncertainties, as the crypto market continues to unfold its intricate tapestry ahead of the 2024 bull run.