Bitcoin’s dominance is at a new high, over 66%! This isn’t great news for other cryptocurrencies (altcoins), and it’s making people wonder if we’ll even see an “altcoin season” this year.
Experts Weigh In
Crypto analysts are buzzing about this. Finsends, for example, thinks Bitcoin’s dominance might hit 68.56% before dropping back down to around 48%. If that happens, it could finally be time for altcoins to shine and potentially make big gains later this year.
Michaël van de Poppe also chimed in, pointing out that an altcoin season indicator is at its lowest point in two years. He noticed a pattern: these lows usually happen in June or July. While he’s not predicting exactly when
altcoin season will start, he still thinks it’s coming. He reminds us that past cycles initially looked like just a Bitcoin thing, until altcoins surged and outperformed Bitcoin.
What Needs to Happen for Altcoins to Boom?
Van de Poppe thinks Ethereum needs to make a move first. He believes that once Bitcoin’s price settles, Ethereum will likely outperform Bitcoin, causing Bitcoin’s dominance to fall. This, in turn, could be the trigger for altcoins to take off. He’s advising patience for now, though.
The Current Situation
At the moment, Bitcoin is trading around $101,700, slightly down from the previous day.
