Possible rewritten title: Ethereum Leads the Pack, Potentially Boosting Altcoin Rally

Analysts suggest that “alt season,” a period of outperformance of altcoins following a Bitcoin rally, may be on the horizon. Crypto trader and analyst “Skew” noted on April 16 that altcoins and Ethereum (ETH) were leading in 24-hour volume and that there had been a “large OI [open interest] shift to altcoins here.” Furthermore, Bitcoin’s dominance has recently begun to decline, falling almost 4% in less than a week, due to Ethereum’s rally following the successful Shapella upgrade on April 12. The decline marks the first time since April 2021 that Bitcoin’s dominance has been under 50%. Some analysts have pointed to similarities between the current market and the 2021 bottom consolidation when Bitcoin showed strength before a greater market rally. However, with crypto markets relatively quiet over the weekend and the majority of altcoins noting only minor gains, alt season may still have to wait a little longer.