Bitcoin's dominance is declining… Has the big altcoin season begun?
Bitcoin's dominance in the cryptocurrency market has dropped to its lowest level since January, falling below 60% as the price of Ethereum approaches its record levels.
According to data from 'TradingView', Bitcoin's dominance in the market began to decline since late June, with a total drop of nearly 10%, reigniting discussions about the possibility of the market entering an altcoin season, which typically occurs when dominance falls to 50%.
Technical indicators on the weekly chart show weakness in Bitcoin's dominance, prompting analysts to predict a drop in dominance to around 45% over the coming months, which could open the door for significant increases in alternative currencies that could reach 50 times.
However, the 'CoinMarketCap' index for the altcoin season remains at 37 out of 100, compared to a higher reading of the 'altseason' index from the Blockchain Center at 53, supported by the rise in Ethereum's price.
Market-wise, the price of Bitcoin stabilized around $119,600, while the price of Ethereum jumped by 8% to reach $4,630, just 4.2% below its all-time high recorded in 2021.
The price of Solana recorded a 12% increase to approach $200, Cardano rose by 9% to $0.86, while Litecoin's price climbed by 11% to record its highest levels in six months at $133, on a day when alternative currencies dominated the scene.#Binance $BNB $BTC