Altseason, that exciting time when other cryptocurrencies (altcoins) outperform Bitcoin, might be on hold. Several analysts think Bitcoin’s dominance is about to surge, leaving altcoins in the dust.
Bitcoin’s Dominance is Rising
One analyst, Rekt Capital, predicts Bitcoin dominance (the percentage of the total crypto market cap that Bitcoin holds) will climb to 74%. They point to a recent retest of the 64% dominance level as a sign that Bitcoin’s upward trend will continue without much of a dip. This means more investment is flowing into Bitcoin, making an altseason less likely in the near future. Remember, altseason happens when Bitcoin’s dominance falls, as investors shift their money to other cryptos.
Altcoins Struggle to Gain Momentum
Another analyst, Daan Crypto, highlights the altcoin market’s struggles since early 2024. Altcoins have been stuck in a sideways trend, lacking the strong upward momentum seen in Bitcoin. Daan Crypto sees a key resistance level around $1.27 trillion. If altcoins break through that level, it could signal a shift in investor interest and potentially kickstart an altseason.
Current Market Snapshot
Right now, the total crypto market cap is around $3.24 trillion. Bitcoin’s dominance is at 64.9%, leaving the remaining 35.1% (about $1.11 trillion) to the altcoin market. It’s a Bitcoin-dominated market at the moment.