Altcoins took center stage as Bitcoin continued to consolidate below the coveted $100,000 mark, signaling that the long-awaited altseason may finally be here.
Over the past 24 hours, Bitcoin has shown a lot of volatility, trading between $94,878 and $98,145 before finding its high above $96,000 at press time.
There has been a lot of Bitcoin buying activity in recent days, but most of it has come from institutions as retail investors have shifted to altcoins.
Bitcoin's market dominance also dropped into the 50s, a typical sign that liquidity was moving away from the benchmark cryptocurrency.
According to anonymous cryptocurrency analyst ‘BATMAN’, Bitcoin’s market dominance has fallen below its one-year rising trendline, which previously acted as a key support level.
With a confirmed close outside this trendline, the analyst suggests that Bitcoin dominance is likely to decline further.
Adding to this narrative, liquidation data from the past 24 hours revealed $37.32 million in long liquidations and $34.20 million in short liquidations.
This near-equilibrium in liquidations highlights Bitcoin's consolidation phase, as neither bullish nor bearish forces have managed to dominate the market.
A pattern often seen during the period leading up to altseason.
The cryptocurrency market cap has reached an all-time high of $3.66 trillion, driven largely by the strong performance of altcoins.