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Home»ALTCOIN NEWS»Bitcoin Dominance Reaches Peak? Analysts Call It Altcoin Season
ALTCOIN NEWS

Bitcoin Dominance Reaches Peak? Analysts Call It Altcoin Season

By Crypto FlexsSeptember 23, 20243 Mins Read
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Bitcoin Dominance Reaches Peak? Analysts Call It Altcoin Season
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  • Analysts suggest that altcoin season is upon us as Bitcoin’s dominance shows signs of waning.
  • Recent asset price performance has further fueled speculation about an altcoin season.
  • The recent changes are a result of the favorable macroeconomic environment for risk-taking.

Last year, the cryptocurrency market experienced a significant resurgence, but it still doesn’t feel like a true bull market cycle, with most altcoins, including Ethereum, remaining well below their previous highs. However, with Bitcoin’s recent dominance in market cap waning, analysts are suggesting that it may finally be time for these altcoins to surge.

Is altcoin season upon us?

Bitcoin faces rejection of dominance

Last week, Bitcoin’s market cap dominance reached a three-year high of 58%. However, the indicator has declined to 57.6% as of this writing. Prominent cryptocurrency analyst Ali Martinez has suggested that this decline could be a sign that Bitcoin’s dominance has peaked.

The analyst expressed this view in a post on Sunday, September 22, highlighting that the 58% level served as a multi-year support between 2019 and 2021 and could now turn into resistance. At the same time, the indicator has formed a rising wedge pattern on the weekly candlestick chart, which is a bearish pattern that further indicates a significant decline in the indicator. According to the analyst, all of this suggests that the altcoin season is upon us.

“Bitcoin dominance seems to be topping out, hinting at a possible dip to 47% — setting the stage for an altcoin season!” Martinez enthused, summing up his reading of the chart.

Last week’s asset price performance further fueled speculation about the upcoming altcoin season.

Ethereum is outperforming Bitcoin

Ethereum, which fell to a 40-month low compared to Bitcoin, has recently shown signs of a rebound, emerging from its recent doldrums and outpacing Bitcoin. Over the past seven days, ETH has experienced a price surge of around 15%, while BTC has only surged around 8%.

Renowned crypto trader “LongTermR” claims that altcoin season has already begun, citing ETH’s surge over BTC on the daily candlestick chart.

“BTC stagnant, ETH and alts crashing. A bit confusing as I am not used to this cycle. But isn’t this what alt season should look like? Alts are outperforming BTC. Check out this nice breakout against BTC on the daily chart and you’ll get the answer,” he wrote.

Other altcoins that outperformed BTC last week include NEAR, FET, SUI, APT, and TAO, all up 25%, 28%, 41%, 36%, and 82% respectively.

The recent altcoin season, which has seen a shift in focus away from relatively stable Bitcoin and toward more volatile crypto assets, is a result of the risk-taking macroeconomic tailwind triggered by the dovish turn by the Federal Reserve last week, which cut rates by 50 basis points for the first time in four years and is expected to make another cut before year-end.

On the other side

  • Amid Bitcoin’s continued dominance over the past year, analysts like Ikigai CIO Travis Kling have made a claim Most altcoins failed to achieve product-market fit and virtually disappeared.
  • Not all altcoins have joined the party. Ripple (XRP)TON, and Trex It has only recorded increases of between 2 and 3% over the past seven days.

Why this matters

The increased interest in altcoins generally indicates increased risk-taking among investors, which has a positive impact on the overall growth of the cryptocurrency market.

Find out how to prepare for a potential altcoin season.
Altcoin Season: Tips and Strategies for Market Research

The Ethereum Foundation’s sell-off continues. Learn more:
Ethereum Foundation Continues Selling as ETH Breaks $2,500

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