Bitcoin’s dominance is at a four-year high, exceeding 66%! This means Bitcoin is taking a larger share of the crypto market, leaving less room for other cryptocurrencies (altcoins). Experts are debating what this means for the much-anticipated “altcoin season.”
Bitcoin’s Dominance: A Bearish Outlook for Altcoins?
Analyst Finsends thinks Bitcoin’s dominance could climb even higher, maybe reaching 68.56% in July. He predicts a correction after that, potentially dropping Bitcoin’s dominance to 48%. This drop could trigger an altcoin season, where altcoins outperform Bitcoin, leading to significant gains for those who invested in them.
Altcoin Season Indicators are Flashing Red (or is it Green?)
Another analyst, Michaël van de Poppe, points out that an altcoin season indicator is at its lowest point in two years. He notes a pattern: these lows usually happen in June or July. While he doesn’t predict when
altcoin season will start, he still believes it will happen eventually, echoing past cycles where Bitcoin’s dominance eventually gave way to altcoin rallies.
What’s Needed to Spark Altcoin Growth?
Van de Poppe believes Ethereum needs to surge. He thinks this surge is most likely to happen after Bitcoin’s price bottoms out. Once Ethereum starts its climb, Bitcoin’s dominance should decrease, paving the way for other altcoins to shine and potentially outperform the market. But, he cautions investors to be patient.
The Current Market Snapshot
At the time of writing, Bitcoin is trading around $101,700, slightly down from the previous day.
