2024-7-4 19:10 |
Bitcoin’s cryptocurrency market dominance has been decreasing slightly, leading analysts to predict a potential bottom for altcoins and the beginning of a new alt season. The largest cryptocurrency by market capitalization has been on the defensive for the past few weeks, reaching multi-month lows. Major altcoins like Ether, XRP, Solana, Cardano, and Shiba Inu have also suffered considerable losses, reducing their market share. However, there is now a ray of hope for a possible reversal in the altcoin market.
According to popular crypto analyst Mister Crypto, Bitcoin’s dominance is breaking down, which could usher in the new alt season.
Other crypto analysts, including The Moon, Altcoin Gordon, and Crypto Rover, voiced the same sentiment. The Moon predicted the start of the new alt season and predicted that it would print new millionaires across the crypto spectrum. Gordon is known for making memes regarding the latest market conditions and he is anticipating a major uptick in the near future for the secondary crypto market. Crypto Rover, on the other hand, predicted that an alt season was now imminent.
Bitcoin’s Market Dominance Image Source: TradingViewA close look at the graph shows that Bitcoin’s peak dominance registered a high of just above 56.5% in mid-April. In the ensuing months, it tried to dominate the market even more twice but failed to achieve it. The premier digital currency now represents less than 54.5% of the market. It has been especially struggling in the last couple of weeks, losing more than 1.2% of its market share.
Altcoins at Bottom, But Hope on the Horizon?Many altcoins are currently struggling at multi-month lows. However, a potential silver lining exists. As Bitcoin’s dominance wanes, the chances of an altcoin price reversal increase.
While some crypto analysts may be overly optimistic by immediately declaring a new altcoin season, there’s a chance for a partial recovery. Smaller coins might see some gains and even outperform Bitcoin in the coming weeks. However, this wouldn’t necessarily signal the definitive restart of an altcoin season.
The True Altcoin Season TriggerA true altcoin season will likely begin when Bitcoin experiences a significant price increase, surpassing its all-time high of $73.9k. This would likely be followed by altcoins reaching their new highs. However, patience is key, as this may take some time.
Traders should first keep their eye on BTC, but this is also a great opportunity to wrap up purchasing promising altcoins and fill your bags because this is likely to be a bottom.
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