The post Bitcoin Dominance on the Rise For 600 Days: Could an Altcoin Season Be Near? appeared first on Coinpedia Fintech News
Crypto analysts and various metrics hint that an altcoin season might be just around the corner. Recently, Bitcoin’s price has been between $59,190 and $61,947, struggling to break through the $65,000 resistance level. While Bitcoin’s dominance has been increasing for over 600 days, altcoins have been on a downtrend for more than 150 days. Could a correction in Bitcoin’s dominance signal the start of an altcoin season?
Bitcoin Dominance on the Rise
In a recent tweet post, a prominent crypto analyst CryptoBusy highlights that Bitcoin has maintained a dominant position in the cryptocurrency market, with its dominance trending upwards for more than 600 days.
BREAKDOWN SOON?The #Bitcoin dominance has been on an uptrend for more than 600 days, While the #altcoins (TOTAL3) have been on a downtrend for 150+ days.One correction here from the #BTC D could spark alt season! https://t.co/5ActgogvQ4 pic.twitter.com/PiaH8VpwNM
— CryptoBusy (@CryptoBusy) August 30, 2024
However, this trend reflects Bitcoin’s strong market presence and investor confidence. As of now, Bitcoin’s dominance stands at 57.32% reflecting a strong dominance in the market.
Meanwhile, altcoins, tracked under the total market cap of all altcoins (TOTAL3), have experienced a downtrend that has lasted over 150 days, which is currently hovering around 566 billion. This extended decline has left many altcoins struggling to gain traction.
Potential for Altcoin Season
CryptoBusy has highlighted that a correction in Bitcoin’s dominance could be the catalyst for a major shift in the market. If Bitcoin’s dominance were to experience a significant drop, it might spark a surge in altcoin activity, leading to the starting of an “altcoin season.”
During such periods, altcoins often see significant price increases as investors shift their focus away from Bitcoin.
Will Altcoins Bounce Back Soon?
Recent observations from renowned crypto trader Captain Faibik suggest a potential recovery on the horizon. Captain Faibik predicts that the market will stay in a sideways trend for the next few weeks.
What's about #Altcoins sir??Most altcoins are down 60-70% since the March high, and I know Altcoin holders are Panicking.Markets will likely remain Sideways for the next couple of weeks, and then There’s hope that altcoins will bounce back after mid-September. In Q4,… pic.twitter.com/qFwWKaUFDb
— Captain Faibik (@CryptoFaibik) August 31, 2024
As per Faibik after mid-September, we could see a bounce back in altcoin prices. He expects that as we move into the fourth quarter of the year, altcoins might not only recover but could also surpass their highs from March 2024.
