Its dominance is slowing the rise of Altcoins!

Wed Jul 10, 2024 ▪ 3 min read ▪ by Mikaia A.

Altcoins, Bitcoin’s eternal companions, unfortunately see their queen continue to reign supreme in the cryptocurrency kingdom. While the much-anticipated “altcoin season” seems elusive, all eyes remain on the leader. Historically, Bitcoin’s rises have preceded altcoin surges, but this time, the scenario could play out differently.

Bitcoin: an undeniable dominance that slows down altcoins

For months, Bitcoin has maintained overwhelming domination in the cryptocurrency market, preventing altcoins from experiencing their traditional boom.

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

‘CryptoBusy’, a famous crypto analyst on twitterstrong points:

“If we follow what has happened previously, the altcoin season may not happen until Q4 2024 or early 2025.”

Previous cycles have shown that A significant drop in Bitcoin dominance is often followed by a rally in altcoins, but patience is required this year.

Cryptocurrency Market Dynamics Awaiting Reversal

In the world of cryptocurrencies, summers are often quiet, giving way to anticipation and speculation. This year is no exception.

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

He notes that “the potential upside could occur at the end of the halving year or during the first half of the post-halving year.”

Recent history shows that 243 days after the 2016 halving and 245 days after the 2020 halving, Bitcoin dominance has plummetedpaving the way for a mega rally in altcoins.

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

As we wait for Bitcoin’s dominance to finally give way, crypto enthusiasts remain on the lookout, dreaming of a spectacular rise in altcoins or other seasonWith a little patience and a healthy dose of optimism, the next altcoin season might just be worth the wait.

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Mikaïa A.

The blockchain and crypto revolution is underway! And the day the impacts will be felt on the most vulnerable economy in this World, against all hope, I will say that I had something to do with it

DISCLAIMER

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

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