Altcoin Season Gains Momentum Amid Bitcoin Dominance Shift

BE[IN]CRYPTO2024-08-13

Bitcoin dominance has fallen from the yearly peak it reached a few days ago as BTC fell below $60,000. In contrast, the market cap of the top 125 altcoins has increased despite hitting lower lows ...

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For this to happen, Bitcoin dominance has to drop, and the TOTAL2 market cap must consistently increase.For context, a lower low occurs when a cryptocurrency’s price falls to a new low below its previous one, signaling a continued downtrend. However, at press time, the altcoin market has reached a Lower High , indicating that a si","collect":0,"end_time":0,"defaultTopTitle":"beincrypto.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4196":"保健护理服务","BK4083":"家庭装潢零售","LH":"徕博科","BK4588":"碎股","BK4585":"ETF&股票定投概念","BTC":"Grayscale Bitcoin Mini Trust","ETH":"Grayscale Ethereum Mini Trust","BK4550":"红杉资本持仓","LU0006061336.USD":"Blackrock US Small and MidCap Opportunities A2 USD"},"translate_title":"随着比特币主导地位的转变，山寨币季节势头强劲","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTC":1,"ETH":1,"LH":1,"LL":1},"content_text":"Bitcoin dominance has fallen from the yearly peak it reached a few days ago as BTC fell below $60,000.\nIn contrast, the market cap of the top 125 altcoins has increased despite hitting lower lows earlier.\nAnalysts suggest that this week could be bullish for altcoins with support from technical analysis\n\nBitcoin’s (BTC) dominance, the metric that gives a sense of the coin’s value relative to other cryptocurrencies, reached a yearly high of 57.70% on August 9. This happened as BTC’s price recovered from its earlier slip below $50,000.\nHowever, at press time, BTC.D, as it is commonly called, has dropped, driving speculation that altcoin season could be close.\nBitcoin Dominance Weakens Despite Its Recent Milestone\nAltcoin season is a short period when 75% of the top 50 non-BTC cryptos outperform the number on cryptocurrency. For this to happen, Bitcoin dominance has to drop, and the TOTAL2 market cap must consistently increase.\nTOTAL2 is the sum of the market cap of the top 125 altcoins. At press time, Bitcoin dominance has fallen to 56.95% while the TOTAL2 has increased to $890.18 billion. \nA few months ago, many altcoins, led by Ethereum (ETH), saw double-digit price increases. However, the rally was short-lived. Additionally, the launch of spot Ethereum ETFs has not delivered the anticipated results, particularly as the TOTAL market cap remains below $1 trillion at press time.\nRead More: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading\nBitcoin Dominance Against Altcoins Market Cap. Source: TradingView \nMore notably, Bitcoin’s price has dropped below $60,000, currently trading at $58,188. This decline has reignited discussions, especially on X, with many speculating that altcoin season could be approaching.\nFor instance, crypto trader Zen opined that this week could be bullish for altcoins as long as BTC trades between $53,500 and $60,800. \n\n“This week might be bullish for alts. At least against $BTC. For that scenario to be valid Bitcoin should stay more or less stable within 53.5-60.8k range,” Zen wrote on X.\n\nFurthermore, recent events suggest that Zen’s opinion may be valid. According to Lookonchain, institutions whose buying power has been vital to BTC’s price have refrained from buying the coin.\nBitcoin Institutional Transactions. Source: Lookonchain \nThis is happening despite institutions having access to a large number of stablecoins just days ago. If these institutions stop accumulating, Bitcoin’s dominance could decline even further.\nAlt Season Set to Take the Lead?\nMeanwhile, the TOTAL2 daily chart shows that it is breaking out of the descending trendlines. As seen below, the value hit a series of Lower Lows (LL) between May and early August.\nFor context, a lower low occurs when a cryptocurrency’s price falls to a new low below its previous one, signaling a continued downtrend. However, at press time, the altcoin market has reached a Lower High (LH), indicating that a significant uptrend could develop if this momentum persists.\nRead More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season\nTOTAL2 Daily Analysis. Source: TradingView \nHowever, if Bitcoin bulls come into the picture with another round of accumulation, the prediction may be invalidated, and altcoin season may not come to pass.\n\n\n\n\nTop crypto platforms | August 2024\n\n\n\nPancakeSwap\nUp to 50% APR\n\n\n\n\n\n\nBYDFi\nNo KYC\n\n\n\n\n\n\nM2 Exchange\nExplore\n\n\n\n\n\n\nExodus\nExplore\n\n\n\n\n\n\nСoinex\nExplore\n\n\n\n\n\n\n\n\n\nTop crypto platforms | August 2024\n\n\nPancakeSwap\n\n\n\n\n\n\n\n\nBYDFi\n\n\n\n\n\n\n\n\nM2 Exchange\n\n\n\n\n\n\n\n\nExodus\n\n\n\n\n\n\n\n\nСoinex","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2459993913"}