In the last three weeks, the crypto market has jumped nearly 20%, with the total market cap rising from $1.828 trillion to $2.261 trillion. This growth was mainly driven by a recent Federal Reserve rate cut, which pushed Bitcoin to a one-month high of $65,142. But now, Bitcoin’s dominance is facing a key resistance level, raising the question: is an altcoin season on the way?
It’s about time we dived in deep to understand the dynamics of the crypto market today and the potential for altcoin dominance. Join us.
Bitcoin’s dominance, which reached a high of 58.59%, is now struggling to break through a crucial resistance. According to analysts at Bitcoinsensus, if Bitcoin’s dominance falls, it could signal the start of a strong altcoin rally.
They point out that Bitcoin’s dominance chart shows a bearish pennant on the weekly timeframe. If this pattern breaks downward, Bitcoin’s share of the market could decline, making room for altcoins to rise.
Bitcoin’s dominance is currently around 57%, with a key support level at 47.5%, which matches the 50% Fibonacci retracement level. In the past, when Bitcoin’s dominance fell, more capital flowed into altcoins, pushing their prices higher. If Bitcoin dominance continues to drop and breaks below the current resistance, altcoins could see a big surge.
The 47.5% support level is especially important because it has often been a reversal point. If Bitcoin bounces from this level, it could regain market control. However, if the decline continues, altcoins might outperform Bitcoin in the coming weeks.
Despite promising technical signals, it may be too early to declare the start of an altcoin season. According to Blockchain Center, only 31% of the top 50 altcoins have outperformed Bitcoin in the last 90 days, showing that the altcoin season hasn’t officially kicked off yet.
The altcoin season index currently sits at 31, far from the required score of 75 needed to confirm an altcoin season. While the rising score may offer hope for long-term investors, it’s clear that more gains are needed before altcoins take the lead.
Is this the beginning of a new era in crypto, where altcoins finally take center stage? We’ll have to wait longer to find out.
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