Bitcoin attracted flows from altcoins throughout Q2 of this year. However, since the recent Ripple ruling, its market dominance has slipped — giving ground to altcoins. Now, an analyst suggests signals for a Q3 altseason are emerging.

"There are Q3 altseason signals," Gordon Grant, managing director of trading at Genesis Trading, told The Block, adding: "If you look at risk proxies that tend to guide when altcoins do well, one includes the Nasdaq, which is pushing back towards its all-time high. Altcoins do well when the Nasdaq is rising."

The U.S. tech-heavy Nasdaq index has increased 38% since the start of 2023. It is now at 14,063 points — pushing closer to its April 2021 all-time high of 15,498 points.

"Bitcoin has had a good Q2, so people want to rotate around the credit and risk …