Crypto Market Adds $400B in Three Days; Analysts Call Bull Run Start

The analysts said the bull market has already started. They cited several signals. Bitcoin's price surge has been accompanied by rising trading volume, a pattern that typically confirms a breakout. Bitcoin dominance has also increased to 55% from 52% over the past month, indicating that capital is flowing into Bitcoin first. Historically, when Bitcoin dominance peaks, the market often enters an altcoin season. Active addresses on the Bitcoin network have risen as well. Institutional participation has also increased, as seen in the volume of inflows into crypto exchanges, the analysts said. Transaction activity across multiple blockchains is up, and exchange inflows have picked up, suggesting that traders are positioning for further gains.

The rotation into altcoins may already be underway. Ether and Solana have each gained more than 15% over the past week, according to data from CoinGecko. The analysts said this pattern is consistent with the early stages of a bull market, where Bitcoin leads, then altcoins follow.

The move has drawn attention from other analysts as well. Crypto King, another market observer, asked whether the rally marks the start of a sustained uptrend, echoing the sentiment of Carter and Fergani.

The decline in stablecoin supply on exchanges, which typically provides a liquidity cushion for purchases, may have amplified the rally. Demand outstripped available supply, the analysts said.

Bitcoin traded at $77,305 as of Thursday, a level not seen since late May. The three-day $400 billion market cap gain has brought total crypto market capitalization to $2.57 trillion, a level that Carter and Fergani said could be tested as support in the coming weeks.