另一方面，数据显示，Dash (DASH)、Curve DAO (CRV)、dYdX (DYDX)、BNB 和 My Neighbor Alice (ALICE) 等山寨币的相关性水平最低，表明它们的走势与比特币更加独立。
Less than 72 hours from the monthly closing, the price of bitcoin (BTC) is likely to end the turbulent August with a bearish outlook, which is even more obvious. Nevertheless, the price of bitcoin has established strong support above $58,000 in the past few weeks, laying a foundation for further rebound in the altcoin industry in the short term.
The correlation between the altcoin industry and bitcoin
According to technical crypto analysis, as the correlation between altcoins and bitcoin remains positive, the cryptocurrency industry may continue to consolidate in the short term. Therefore, it can be inferred with certainty that the positive correlation between bitcoin and altcoins may provide long-term buyers with an opportunity to increase their shareholdings at a discounted price, amidst concerns of cryptocurrency sell-off in September.
According to data, BNT, AXS, LINK, ALGO, and ADA have the highest correlation with bitcoin among altcoins.
On the other hand, data shows that altcoins such as Dash (DASH), Curve DAO (CRV), dYdX (DYDX), BNB, and My Neighbor Alice (ALICE) have the lowest correlation levels, indicating that their trends are more independent from bitcoin.
Expected timeline of altcoin trading season
The timeline for the next altcoin bull market remains of great interest to cryptocurrency investors. After three years of the cryptocurrency trading in a bear market, the desire for a parabolic rebound in altcoins is evident.
During the upcoming election period, it is expected that the USA will cut interest rates by the end of this year, which is expected to trigger the next phase of the cryptocurrency bull market and greatly benefit the altcoin industry.
With the continuous growth in demand for web3 protocols and digital assets, the imminent reversal of Bitcoin's dominant position is an important indicator of the upcoming altcoin season.