Most notably, the price of Ethereum continued its positive form, briefly touching the $4,800 level on Thursday, August 14. The latest on-chain data suggests that ETH and other altcoins might only be at the start of an extended rally, with the potential to outpace Bitcoin, the world’s largest cryptocurrency by market capitalization.
CryptoOnchain added:
Alongside this, active addresses for stablecoins have broken past 250K for the first time in history, underscoring rising network activity and circulation levels typical before major market rotations.
The on-chain analyst also highlighted that the All Stablecoins (ERC20) Exchange Netflow on Binance has witnessed positive inflows in recent weeks, surpassing the $67 million mark multiple times. As CryptoOnchain noted, positive exchange netflows typically indicate increased purchasing power for investors.
Furthermore, as shown in the chart above, the BTC Dominance metric faced rejection from its Previous Cycle Bull Run Resistance zone. From a historical perspective, these rejections have coincided with capital rotating from Bitcoin into mid- and large-cap altcoins—an early hallmark sign of the altseason.
As of this writing, the altcoin market is valued at around $1.57 trillion, reflecting an over 1% decline in the past 24 hours. According to data from TradingView, the total capitalization of altcoins has jumped by more than 5% in the past seven days.
