Altcoins
Bitcoin Dominance Drops as Analysts Predict Start of Ether, XRP, Solana, Cardano, Shiba Inu Altseason ⋆ ZyCrypto
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Bitcoin’s dominance of the cryptocurrency market has declined slightly, leading analysts to predict a potential altcoin bottom and the start of a new alt season. The largest cryptocurrency by market cap has been on the defensive in recent weeks, hitting multi-month lows. Major altcoins such as Ether, Exchange rate risk, Solana, CardanoAND Shiba Inu Dog have suffered considerable losses, reducing their market share. However, there is now a glimmer of hope for a possible turnaround in the altcoin market.
According to a famous cryptocurrency analyst Mr. CryptoBitcoin’s dominance is crumbling, which could usher in a new alternative era.
Other cryptocurrency analysts, including The Moon, Altcoin Gordon, and Crypto Rover, expressed the same sentiment. The Moon predicted the start of the new alt season and predicted that it would print new millionaires across the cryptocurrency spectrum. Gordon is known for creating memes about the latest market conditions and is anticipating a major rally in the near future for the cryptocurrency secondary market. Crypto Rover, on the other hand, predicted that an alt season was imminent.
Bitcoin Market Dominance
A close look at the chart shows that Bitcoin’s dominance peaked at just over 56.5% in mid-April. In the months that followed, it attempted to dominate the market even more twice, but failed to do so. The leading digital currency now accounts for less than 54.5% of the market. It has struggled particularly in the last two weeks, losing more than 1.2% of its market share.
Altcoins Down, But Is There Hope on the Horizon?
Many altcoins are currently struggling at multi-month lows. However, there is a potential silver lining. As Bitcoin’s dominance wanes, the chances of an altcoin price reversal increase.
Announcement
While some cryptocurrency analysts may be overly optimistic by immediately declaring a new altcoin season, there is a possibility of a partial recovery. Smaller coins could see some gains and even surpass Bitcoin in the coming weeks. However, this would not necessarily signal the definitive restart of an altcoin season.
The Real Trigger of Altcoin Season
A true altcoin season will likely begin when Bitcoin sees a significant price surge, surpassing its all-time high of $73.9k. This will likely be followed by altcoins hitting new highs. However, patience is key, as this may take some time.
Traders should keep an eye on BTC first, but this is also a great opportunity to close the purchase of promising altcoins and fill the bags, because it is likely a bottom.