A drop in the bitcoin market share below 60% of the total market value of cryptocurrencies could mark the beginning of the next “Alt Season”, the season in which altcoins take a separate path from bitcoin and are expected to rise significantly.
Co-founder of Decentrader trading platform with Filbfilb username yesterday in a tweet Announced The conditions are finally in place for the new move of the Altcoins, as their total market value has almost reached a new ceiling of $ 750 billion. Referring to the current price of bitcoins, the combined market value of altcoins, and the market value of “dominance” or bitcoin dominance, he concluded that the age of altcoins has come again.
Traders have been waiting for the next penis to take shape for about three years. But now that the price of Bitcoin has stabilized after breaking the all-time high of $ 6,700, the situation seems to be in line with traders. The bitcoin dominance index at the time of writing is about 60%, the lowest figure since October 2020.
The latest trigger is probably the news from Visa, which announced yesterday that it will support the USD Coin for its settlements. Following the news, Atrium rose 4.8 percent. The market value of Atrium, the market’s largest altcoin, has been declining since January.
Some analysts believe that the Altcoins are facing a very strong uptrend, given the new ceiling on the Altcoin market value of around $ 750 billion. “Atrium will strangely surprise everyone,” an analyst with the Quintel Telegraph website wrote at the time of the visa announcement. Atrium was previously expected to reach $ 5,000 or even $ 10,000 in the medium term.
But on the other side of the market, signs of a bitcoin downturn following the breaking of the 58,300 ceiling are currently silent. The important question now is whether the price has returned to around $ 50,000 over the past week in terms of flooring for the stabilization period.
Bitcoin is currently trading in the $ 58,000 range and is apparently facing resistance that is currently preventing the price of this cryptocurrency from entering the previous record low. Obviously, investing in Bitcoin and other Altcoins carries a lot of risks and requires a lot of research.