Altcoins
Bitcoin Dominance Weakens as Analysts Predict Start of Ether, XRP, Solana, Cardano, and Shiba Inu Altseasons ⋆ ZyCrypto
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Bitcoin’s cryptocurrency market dominance has declined slightly, leading analysts to predict a potential bottom for altcoins and the start of a new altcoin season. The largest cryptocurrency by market cap has been on the defensive for the past few weeks, hitting multi-month lows. Major altcoins like Ether, XRP, Solana, CardanAnd Shiba Inu have also suffered considerable losses, reducing their market share. However, there is now a glimmer of hope that the altcoin market may turn around.
According to a popular crypto analyst Mr. CryptoBitcoin dominance is collapsing, which could usher in a new altcoin season.
Other cryptocurrency analysts including The Moon, Altcoin Gordon, and Crypto Rover have expressed the same sentiment. The Moon predicted the start of the new altcoin season and predicted that it would print new millionaires across the cryptocurrency spectrum. Gordon is known for making memes regarding the latest market conditions and he anticipates a major surge in the near future for the secondary cryptocurrency market. Crypto Rover, on the other hand, predicted that an altcoin season is now imminent.
Bitcoin Market Domination
A close look at the chart shows that Bitcoin’s dominance peaked at just over 56.5% in mid-April. In the months since, Bitcoin has attempted to dominate the market even further on two occasions, but has failed. The leading digital currency now accounts for less than 54.5% of the market. It has suffered particularly badly in recent weeks, losing over 1.2% of its market share.
Altcoins at their lowest, but hope on the horizon?
Many altcoins are currently struggling at multi-month lows. However, there is a potential silver lining. As Bitcoin’s dominance weakens, the chances of an altcoin price reversal increase.
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While some cryptocurrency analysts may be overly optimistic in immediately declaring a new altcoin season, there is a chance of a partial recovery. Smaller coins could see gains and even outperform Bitcoin in the coming weeks. However, this would not necessarily mean the definitive restart of an altcoin season.
The Real Trigger for Altcoin Season
A true altcoin season will likely begin when Bitcoin’s price sees a significant surge, surpassing its all-time high of $73,900. This will likely be followed by altcoins reaching new highs. However, patience is required as this may take some time.
Traders should keep an eye on BTC first, but this is also a great opportunity to wrap up buying some promising altcoins and fill your bags, as this is likely to be a dip.