Key Points
- Bitcoin’s market dominance has dropped from 60% to 56% in the past month.
- Altcoins are gaining prominence as Bitcoin’s dominance decreases, indicating a potential Altseason.
Bitcoin’s influence on the cryptocurrency market, as measured by market capitalization, has seen a decrease. Over the past month, it has fallen from 60% to 56%, according to data from TradingView.
Bitcoin and Altcoins Market Dominance
Analysts have observed that Bitcoin appears to be dipping below its long-standing support trend line. This trend line represents critical technical levels, and a fall below it signals a decrease in Bitcoin’s market dominance.
Meanwhile, Ethereum‘s market dominance has also decreased to 12.9%. Conversely, the combined market dominance of other cryptocurrencies has risen from 28.1% to 31.5% in the past month.
Signs of an Altseason
This shift in market dominance has impacted market sentiment significantly. Analysts suggest that the so-called “Altseason” might be upon us. During an Altseason, altcoins surge higher than Bitcoin in terms of prominence. This is often indicated by a drop in Bitcoin’s market dominance.
In addition to these changes in market dominance, Bitcoin has also experienced a significant trading day with a volume of $36.5 billion. This represents a daily increase of 15.33%.
Bitcoin’s price movement is also noteworthy. At the time of writing, the price of Bitcoin had increased to $97,320, representing a daily increase of 0.95%.
Furthermore, Bitcoin’s market capitalization has increased by 0.78%, nearing $2 trillion. The most recent all-time high was just under $500 away from the price target of $99,655.