Bitcoin's dominance is gradually decreasing, and this could trigger a possible altcoin season. In recent months, many altcoins have experienced significant declines of between 30% and 70%. These sharp losses have led some analysts to cast doubt on the possibility of an altcoin season. But recent developments in Bitcoin offer a hopeful sign.
Developments on the Bitcoin Front
Crypto investor Titan of Crypto pointed out that Bitcoin's dominance has broken the bearish wedge formation. This may indicate that Bitcoin's market share is decreasing and the altcoin season has begun. Titan of Crypto confirmed in a recent analysis that there has been a significant break in Bitcoin dominance charts. A downward wedge pattern has appeared on the weekly charts, indicating that Bitcoin's dominance will likely drop to 39.97%.
This change may create a suitable environment for altcoins to recover. After prolonged corrections, it may be possible for altcoins to regain value and regain market position. Titan of Crypto suggests that investors can focus on altcoins, seeing this as a potential profit opportunity.
While Bitcoin dominance was at 62.69% in March 2021, it dropped to 40.89% in May of the same year. This decline coincided with many altcoins reaching all-time highs during the last bull run. However, in order for the market dynamics of 2021 to be experienced again, at least 75% of the top 50 altcoins must perform better than Bitcoin.
The decline in Bitcoin dominance is driving increased interest in altcoins, allowing these altcoins to outperform Bitcoin. Bitcoin's dominance has fallen from 55.04% to 54.68% in recent weeks, and this minor decline indicates that some altcoins are starting to outperform Bitcoin.
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