Bitcoin
Bitcoin Dominance Declines as Analysts Predict the Start of Ether, XRP, Solana, Cardano, Shiba Inu Altseason ⋆ ZyCrypto
Bitcoin’s dominance of the cryptocurrency market has been waning slightly, leading analysts to predict a potential bottom for altcoins and the start of a new alt season. The largest cryptocurrency by market cap has been on the defensive in recent weeks, hitting multi-month lows. Top altcoins such as Ether, XRP, Solana, CardanoIt is 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 cryptocurrency analyst Mr. CryptoBitcoin dominance is decreasing, which could usher in a new alt season.
Other crypto analysts, including The Moon, Altcoin Gordon, and Crypto Rover, have expressed the same sentiment. The Moon predicted the start of the new alt season and predicted that it would print new millionaires across the cryptocurrency spectrum. Gordon is known for making memes about the latest market conditions and he is anticipating a major rally in the near future for the secondary cryptocurrency market. Crypto Rover, on the other hand, predicted that an alt season was now imminent.
Bitcoin Market Dominance
A closer look at the chart shows that Bitcoin’s dominance peaked at just over 56.5% in mid-April. In the months that followed, it attempted to dominate the market twice more, but failed. The leading digital currency now accounts for less than 54.5% of the market. It has struggled especially in recent weeks, losing over 1.2% of its market share.
Altcoins down, but hope on the horizon?
Many altcoins are currently struggling at multi-month lows. However, there is a potential upside. As Bitcoin’s dominance declines, the chances of an altcoin price reversal increase.
While some crypto analysts may be overly optimistic in immediately declaring a new altcoin season, there is a chance for a partial recovery. Smaller coins could see some gains and even outperform Bitcoin in the coming weeks. However, this would not necessarily signal the definitive restart of an altcoin season.
The real trigger of altcoin season
A true altcoin season will likely begin when Bitcoin experiences a significant price surge, 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 could take some time.
Traders should keep an eye on BTC first, but this is also a great opportunity to wrap up some promising altcoin purchases and fill up your bags as this is likely to be a bottom.