While the leading cryptocurrency Bitcoin is approaching $70,000 in just a few days, altcoins are failing to perform as expected.

However, it seems that altcoins will have to wait a little longer to start their rally.

Cryptocurrency service provider Matrixport has announced that Bitcoin$BTC

He stated that the altcoin rally season was postponed due to its 58% dominance. In his post from the Matrixport X account, he showed that Bitcoin dominance continued with this strong rate and that this situation showed that the altcoin season has not started yet, therefore it has been postponed.

Analysts stated that despite there being over 20,000 cryptocurrencies, market and investor interest is still focused on Bitcoin. They also emphasized that while there have been significant capital inflows into spot Bitcoin ETFs, the impact on altcoins has been minimal and retail investors have not yet entered the market on a large scale.

The lack of retail investors participating in the market stands out as one reason why the altcoin rally season has not started. For investors eagerly awaiting the start of the altcoin season, Matrixport analysts stated that Bitcoin transaction volumes have experienced significant growth and its dominance has the potential to increase even further.

“Bitcoin’s dominance continues to grow and has reached 58%, suggesting that alt season has not yet started and may be delayed. Although there are over 20,000 cryptocurrencies, the focus is definitely on Bitcoin.”

Trading volumes in Bitcoin are set to double from $10-20 billion to $20-40 billion in 2023, revealing Bitcoin’s growing influence.