⭐⭐Bitcoin's Dominance Decreased ⭐⭐
Analysts predict that the final bottom for Bitcoin could lie between $52,000 and $54,000. Bitcoin's dominance of the market has fallen below 55%, signaling the beginning of a potential altcoin season. This decline occurs at a time when investors are experiencing uncertainty about the short-term future.
Cryptocurrency analysts are predicting a major rally in altcoins with the upcoming launch of Spot Ethereum ETFs. The launch of these ETFs could have a huge impact by attracting institutional investments into the cryptocurrency market. With the increase in institutional investments, significant increases can be seen in the prices of Ethereum (ETH) and other altcoins.
Looking at the performance of altcoins outside the top 50 stablecoins, it is seen that only seven altcoins have made gains recently and approximately 13 altcoins have outperformed Bitcoin. However, five altcoins experienced significant losses, highlighting the volatile nature of the market.
The upward trend of Bitcoin since the beginning of the year began to decline with the market activity in late June and early July. The recent price drop has left many BTCs without buyers and a build-up in over-the-counter (OTC) reserves. The decline in OTC transactions indicates that institutional investors' interest in Bitcoin is waning.
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