Bitcoin dominates at 61.6% and altcoins struggle to survive. Are we witnessing the definitive end of altseason? Analysis and figures to support!
The crypto market is undergoing a transitional phase, marked by Bitcoin consolidation and stagnation of altcoins. However, several technical indicators suggest that a trend reversal is on the horizon. The $425 billion threshold on the market capitalization of altcoins, which has long been a major obstacle, may soon give way, paving the way for a surge in alternative assets.
Altseason dances on a tightrope: a robust Bitcoin and declining dominance, that's the recipe to ignite alternative cryptos. But nothing is ever simple.
Bitcoin consolidates its dominant position in the cryptocurrency market, reaching 58% market share, while financial markets undergo a severe correction. This increase in dominance comes amid a context of high volatility and risk aversion among investors.
Benjamin Cowen, a leading analyst with a YouTube following of approximately 783,000, sheds light on a concerning trend he believes is on the horizon: a significant drop in altcoins could be imminent. According to him, this comes as no surprise, as it's simply a repetition of historical cycles.