According to analysts, the cryptocurrency market may be on the verge of a new altcoin season. Over the past 24 hours, Bitcoin's dominance in the market has dropped by 2%, while the prices of many altcoins have risen.
Ethereum has begun to rise against Bitcoin, which is often a signal that other tokens are about to surpass it. If Bitcoin's dominance falls more than it did in 2021 to 40%, the market could show even greater altcoin growth.
Meanwhile, the fear and greed index still reflects the caution of retail investors, who are not entirely confident in the altcoin rally.
It is worth noting that the statistics show the second quarter was the strongest month for the cryptocurrency market, and May typically demonstrated the greatest gains for altcoins.
