Bitcoin’s price has risen 9% since last week, but it is nowhere near the 17% increase it saw on November 10th. The election of a crypto-friendly group of Republican politicians may have contributed to the rally, similar to the Bitcoin ETF news cycle. As the dust settles, chart patterns are emerging that historically precede massive altcoin rallies, known as “alt season.” One key signal is the decline in Bitcoin’s dominance or market share against the rest of the altcoin cryptocurrency market.
Bitcoin’s dominance hit 62% on November 21, but since then, it has fallen to 59%, allowing altcoins to rise. Analysts believe that “alt season” may have begun, with some altcoins performing exceptionally well. Overall, Bitcoin and cryptocurrency analysts are closely monitoring the developments and predicting that altcoins could reach multi-trillion-dollar valuations.
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<p>The post Bitcoin Dominates as Altcoin Season Begins first appeared on CoinBuzzFeed.</p>
