Bitcoin Dominance Drops to Lowest Level Since February 2018…How Altcoins Can Benefit
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Answer Bitcoin Dominance Drops to Lowest Level Since February 2018…How Altcoins Can Benefit
Bitcoin price dropped below $50,000 again earlier today and has been swinging around for hours.
Bitcoin’s market dominance has fallen to its lowest level in nearly four years.
Bitcoin’s dominance drop reached 37.18%, the lowest since February 2018, according to Coingecko data.
Which means that this is the biggest drop in the dominance of the best cryptocurrency in a bull market.
During the mid-year market crash in May and June, Bitcoin’s dominance reached 40% and was on the verge of flipping lower, but managed to recover when the bulls hit again.
Bitcoin dominance has recovered above 39% at the time of writing and is currently estimated at 39.9%.Read:Bitcoin Arab launches “Ramadan Evenings” series to learn the basics of technical analysis… Details here
Bitcoin’s decline in market dominance is often seen as the perfect opportunity for altcoin season.
Altcoin season often comes after a big rally in bitcoin, and if we compare it to the 2017 bull run, the alternate season came in 2018 after bitcoin reached an all-time high near $20,000 at the end of December 2017.
Is altcoin season near?
Many trackers expected the performance of bitcoin in the last quarter to be bullish and put a target for the price of bitcoin close to $100,000 for the best cryptocurrency.
However, the massive crash at the beginning of the month caused the entire cryptocurrency market to lose nearly 20% of its market share and all expected price targets went out of the window.
Ethereum has been the fastest to recover, especially as a pair against Bitcoin.
The ETH/BTC pair continues to climb to new highs and is currently trading at 0.088, the highest level in several years, despite the bearishness in the market, so Ethereum could lead an alternate season in the coming months.
Ethereum is currently trading at $4,388, just 9% below its all-time high of $4,859.Read:The European Central Bank will decide whether to issue a digital euro in 2023
Other big cryptocurrencies have made a good recovery from the crash of the first week in December and are looking to build a new high.
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