Bitcoin dominance is approaching a key multi-year resistance level around 56.85%.
Historical patterns suggest a potential “Alt-Season” if Bitcoin dominance faces rejection.
Altcoins could see significant gains as Bitcoin dominance trends downward.
Bitcoin’s market share has steadily shrunk over the past few months, a trend that could signal a surge for altcoins. In line with this shift, the altcoin market cap has gradually increased to $824 billion.
Bitcoin and Ethereum Dominance Decline
Market data from TradingView shows Bitcoin’s dominance (BTC.D) has decreased by 1% over the past week and 1.36% over the past month. At press time, BTC.D hovers around 56.93%.
Similarly, Ethereum’s market dominance has dropped by 2.11% over the past week and 3.44% over the past month. Looking at it from a six-month timeframe, Ethereum’s market dominance has dropped by 20.1%.
Observing this data, crypto commentator Sheldon Sniper, a host at Crypto Banter, expressed that altcoins could be setting out for massive gains.
Altcoin Market Cap Grows
According to market data, the altcoin market is currently valued at $824 billion, a significant increase from the $780 …
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