Bitcoin has started to consolidate just above the $10k mark but altcoins are still climbing which has pushed BTC dominance to an eight-month low. Has the alt season finally arrived?
Bitcoin Dominance Down 11%
Since the beginning of this year, the BTC market share has declined by almost 11%. By the end of last year it had topped 70% but today it has dropped to 62.5% according to Tradingview.com. This is the lowest it has been since early July 2019.
Bitcoin itself has made around 44% this year in a climb from just under $7,200 to top out at $10,500 a couple of days ago. These gains are impressive when compared to any other asset such as gold which has only managed just over 4% in the same period.
However, in the world of cryptocurrencies, these gains have been eclipsed by some of the altcoins, several of which have surged by three figures since the beginning of the year.
Total market capitalization itself is up over 60% since New Year’s Day as the rest of the cryptocurrencies out-perform their big brother. Total crypto market cap topped $300 billion this week which is the highest it has been since early August last year.
The move has not gone unnoticed by crypto traders who are now turning bullish on altcoins as the hopium of an alt season slowly returns.
#Bitcoin Dominance 3D TF-
This is ageing very well. With XRP/BTC & ETH/BTC pairs both looking incredibly bullish, can see BTC DOM only continuing to fall from here, my scenario might just play out.😆
ALTS ARE BACK BABY.