Altcoin season has begun?
Before answering the title of the article, let's talk about what is altcoin season?
Altcoin season refers to the large and strong rise in the prices of non-Bitcoin digital currencies, and the season of these altcoins usually begins after every major cycle in which Bitcoin reaches a record level, and after its dominance has calmed down and declined, the long-awaited season begins.
In the past few days, the cryptocurrency market has witnessed noticeable fluctuations, with Bitcoin's dominance declining by 3.65%.
Despite the 9% rise in Bitcoin's price during the week, the momentum gained by cryptocurrencies after the US elections has begun to decline.
These elections were supported by politicians who support cryptocurrencies, which gave the market a strong boost similar to ETF news cycles.
After Bitcoin's dominance reached 62% on November 21, it quickly declined to 59% within two days, which relieved altcoins and helped them achieve strong gains.
Cryptocurrencies like Stellar (XLM), Ripple (XRP), VeChain (VET), and Polkadot (DOT) have been performing exceptionally well, reinforcing expectations that the altcoin season has begun.
