10h20 ▪
3
min read ▪ by
Recently, Bitcoin (BTC) dominance in the crypto market has dropped to around 55%, marking a significant decrease from its previous levels. This decrease in Bitcoin’s dominance could signal a favorable period for altcoins, those alternative cryptocurrencies seeking to carve out a place in a market dominated by the Bitcoin giant.
Bitcoin in Decline: Are Altcoins Ready to Shine?
Since the beginning of August, Bitcoin has experienced consecutive declines, causing its price to drop below the critical $59,000 mark. This price drop has also impacted its market dominance, which hit a low of around 53% before slightly recovering to 55%. This fluctuation is attributed to a slight recovery in Bitcoin’s price and declines in other cryptocurrencies.
The drop in Bitcoin’s dominance has allowed altcoins to gain momentum. According to analyses, although the market remains dominated by Bitcoin, altcoins are starting to show signs of increased performance. For an altcoin season to be officially declared, 75% of the top 50 cryptocurrencies must outperform Bitcoin over the last 90 days. Currently, although altcoins have gained ground, they have not yet consistently outperformed Bitcoin.
Future Perspectives
The decrease in Bitcoin’s dominance could offer a unique opportunity for altcoin investors. With declining dominance, altcoins could attract more attention and capital, potentially leading to a rise in their prices. However, it’s important to note that the crypto market is extremely volatile and trends can change rapidly.
The decrease in Bitcoin’s dominance to 55% opens the door to a possible altcoin season. Furthermore, USDT is also gaining strength despite this global economic instability, which demonstrates increased investor confidence in stablecoins. This trend raises questions about the future of altcoins and stablecoins in an ever-evolving market. What role will they play in investors’ portfolios in the future?
Maximize your Cointribune experience with our “Read to Earn” program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Le monde évolue et l’adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m’intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l’optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
