With the Bitcoin (BTC) halving less than two weeks away, the crypto market is finally cooling off from its red-hot start to 2024.

The market has entered what’s called the “re-accumulation” phase, which is a breather from the non-stop action of the bull market. It’s an opportunity for some investors to rebalance portfolios and a chance for others to enter the market at favorable prices. It’s also an opportune time for me to recap what has happened so far.

Before we dive into today’s issue, I urge you to reach out with any questions or feedback you may have. Just send an email to mailbag@investingdaily.com. I always try to respond to every question and look forward to hearing from you.

Bitcoin has embarked on a torrid run to hit a new all-time high in price. Of course, Bitcoin’s run has been driven in large part by the new Bitcoin-linked exchange-traded funds (ETFs) that launched in January.

We’ve also seen a meteoric rise in crypto projects related to artificial intelligence (AI). Ever since ChatGPT’s launch and subsequent immersion into everyday life, AI has gone mainstream. It’s no surprise that investors are looking to get their hands on a piece of the action and are investing in any AI project they can.

Just about any crypto project even somewhat adjacent to AI has gone bananas in 2024, from AI models to cloud distribution and data storage projects.

Just look at the price chart below of Render (RNDR). RNDR has racked up a more than 10x gain over the last 12 months. While RNDR has been one of the biggest winners of the AI sector it is by no means the only project that has done extremely well.

And let’s not forget about memecoins.

While I haven’t always taken memecoins seriously, I’ve come to accept that they can be powerful money-makers with the right strategy. We saw Dogecoin (DOGE) and Shiba Inu (SHIB) skyrocket in price during the last bull market. Their rise timed perfectly with the boom of Wall Street Bets and the GameStop (NYSE: GME) craze.

I had mistakenly thought that memecoins were a mere fad that would eventually fizzle out. Oh how wrong I was. It turns out that memecoins have essentially taken on the form of a social casino within the crypto market. So far this cycle we’ve already seen tokens such as dogwifhat (WIF) and Pepe (PEPE) rise out of nowhere to hold marketcaps of more than a billion dollars. Honestly, I don’t think we’ve come anywhere close to the peak of memecoins in this cycle.

Memecoins are extremely hard to trade for those who aren’t finely tuned into the crypto scene. However, at this point, I think they need to be a small part of every active crypto trading portfolio. While the market is still in this re-accumulation zone, it would be a good idea to add some small exposure to a number of the memecoins that have been successful so far in this cycle.

I wouldn’t take too long before putting my investment plan into action either. I believe we are nearing the end of this re-accumulation period, which will be marked by Bitcoin setting another fresh all-time high. BTC is only about 7.5% away from doing so at the time of this writing.

When that happens, I would keep a close eye on altcoins. Even though altcoins have performed excellently at the start of 2024, we have yet to have a true altcoin season. So far in this cycle, there have been sectors of the altcoin market that have performed well. You’ve seen it happen with AI and with memecoins primarily. However, in a true altcoin season, just about every decent crypto project will pump to extraordinary heights.

The main indicator that will tell us when we are entering an altcoin season is the Bitcoin dominance chart, shown below.

You can see in the chart that Bitcoin dominance tends to rise in the beginning of a bull market. At the beginning of the 2020-2021 bull market, Bitcoin dominance grew all the way to over 72%, with a few ebbs and flows along the way. However, towards the latter half of that bull market, Bitcoin dominance shrank all the way down to 40%, in a matter of just about 6 months. All the while the total crypto market cap was growing.

That means the altcoin market was exploding in price during that time.

You can already see on the chart that since late 2022, Bitcoin dominance has been slowly building from just under 40% to the current level of 54%. There hasn’t been any prolonged dip in the Bitcoin dominance chart in quite some time either. While it could continue to go up from here, a correction in the dominance is overdue. That means we are getting closer to a true altcoin season.

There is nothing more exciting in a crypto market than a true altcoin season, especially when you are invested in the right projects. Words really can’t do it justice. In a true altcoin season, you will see green candles after green candles every morning when you wake up. Cryptocurrencies can pump more than 10% a day in a true altcoin season. Projects can double in value in less than a week, sometimes in a matter of a day or two.

But to truly enjoy altcoin season, you must have some altcoin investments. Investing in altcoins can be risky if you don’t know what you’re doing. Newer and less experienced crypto investors can greatly benefit from following an investment plan from an experienced crypto investor.

Luckily I have a solution to this problem. I will be launching a new investment service titled Crypto Trend Investor very soon. I will be providing tools and guides to help get you started on your crypto-investing journey.

We’ll walk through everything from investing in crypto blue chips to combing through the weeds to find lesser-known projects with the potential to 10x your investment. Stay tuned for our special offer, which we’ll make public soon.

This article previously appeared on Investing Daily.