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Jakarta, Pintu News – The crypto market had a tumultuous week, fluctuating between sharp declines and brief rallies. Following Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole on Friday, Bitcoin (BTC) jumped dramatically from $110,000 to nearly $117,000 in just a few hours.
Ethereum (ETH) was also in the spotlight, setting a new record high of $4,900. However, just as quickly as the momentum came, the market weakened again, leaving traders scratching their heads as to the direction of the next move.
According to Coinpedia, one development that stands out is Bitcoin’s declining dominance. Currently hovering around 57%, this decline indicates a shift of capital to altcoins.
Read also: Which Altcoin Sectors will Shine in the Next Crypto Cycle? Analysts Give Their Views
This pattern is similar to previous bull market cycles, where Bitcoin usually leads the rally first, then slows down, and then altcoins begin to dominate.
Historically, August does tend to be a slow period for the crypto market. In 2021, new momentum returned at the end of September.

Bitcoin’s decline in dominance coupled with Ethereum’s breakout indicates that altcoin season may be about to begin. If history repeats itself, the next few weeks could see liquidity flowing into other crypto projects.
In a recent interview with Coinpedia, market analyst Lennaert Snyder expressed his views on the long-term opportunities beyond Bitcoin and Ethereum.
Read also: Mastercard and Circle Strengthen Partnership for Stablecoin Transactions in EEMEA!
He highlighted the Layer-1 blockchain with an active ecosystem, as well as the Layer-2 Ethereum network that supports scalability.
According to Snyder, Arbitrum (ARB) and Optimism (OP) are two Layer-2 Ethereum projects that have strong prospects for long-term success, with Arbitrum being his top pick thanks to its high developer activity and adoption rate.
“I believe Ethereum’s Layer-2 will continue to play a big role in improving Ethereum’s scalability. That’s why I see Arbitrum and Optimism as strong long-term assets, with ARB being my favorite,” he said.
For the Layer-1 category, Snyder highlighted Solana (SOL), Sui (SUI), Tron (TRX), and Injective (INJ) as projects that have solid fundamentals. Each is considered to have unique advantages, particularly in the DeFi and stablecoin markets, that make them attractive.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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