Its dominant position slows the altcoin surge!

10.00pm ▪ 3 minute read ▪ by Mikaia A.

Altcoins, Bitcoin’s eternal companions, sadly watch as their queen continues to reign supreme in the cryptocurrency realm. While the long-awaited “altcoin season” seems to be escaping, all eyes remain on the leader. Historically, Bitcoin’s gains have preceded altcoin rallies, but this time the scenario could play out differently.

Bitcoin: An Indisputable Dominance That Hinders Altcoins

For months, Bitcoin has held overwhelming dominance on the cryptocurrency market, preventing altcoins from experiencing their traditional rally.

According to CoinMarketCap data, more than 90 days later the 2024 halvingBitcoin’s market share remains high at 53.9%. Crypto enthusiasts are wondering whether an altcoin season is still possible before the end of the year.

‘CryptoBusy’, a famous cryptocurrency analyst on TwitterHighlights:

“If we go by what has happened before, the altcoin season might not happen until Q4 2024 or early 2025.”

Previous cycles have shown that a significant drop in Bitcoin’s dominance is often followed by an altcoin rally, but this year we need patience.

Cryptocurrency Market Dynamics Awaiting a Reversal

Summers in the cryptocurrency world are often quiet, leaving room for anticipation and speculation. This year is no exception.

Analysts like Benjamin Cowen, CEO of IntoTheCryptoverse, insist that the cryptocurrency market cap is currently undervalued.

He notes that “the potential increase could occur at the end of the halving year or during the first half of the year following the halving.”

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Recent history shows that 243 days after the 2016 halving and 245 days after the 2020 halving, Bitcoin’s dominance has diminishedpaving the way for a mega altcoin rally.

However, the massive sale of BTC by the German government and the distribution of BTC by Mt. Gox could interrupt this cycle.

As we wait for Bitcoin’s dominance to finally give way, cryptocurrency enthusiasts remain on their toes, dreaming of a spectacular altcoin rally or alternative seasonWith a little patience and a healthy dose of optimism, the next altcoin season might be worth the wait.

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Mikaia A.

The blockchain and crypto revolution is underway! And the day the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that I was there for someone

DISCLAIMER

The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.

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