While Bitcoin maintains its position as the leading cryptocurrency, altcoins are exhibiting significant upward momentum, prompting analysts to speculate about the potential onset of a major altcoin season.
Bitcoin’s market dominance currently stands at 64.46%, reflecting a modest decline of 1.53% over the past week. Concurrently, several altcoins have posted substantial gains. Notable performers include MemeCore, Mog Coin, and Stellar. Ether (ETH), the second-largest cryptocurrency by market capitalization, has surged 17.68% in the same period, with its ratio against Bitcoin (ETH/BTC) increasing by 8.39%, signaling heightened investor interest in alternative assets.
The Altcoin Season Index, a key metric used to gauge market cycles, currently registers a score of 29 out of 100. This score indicates the market still favors Bitcoin dominance, but analysts suggest a significant shift towards altcoins could occur if Bitcoin’s dominance continues to decrease.
Market expert Michael van de Poppe has predicted a major altcoin bull run could materialize if Bitcoin dominance falls to around 45%. This outlook aligns with data from analytics firm Santiment, which points to conditions conducive to broader market rallies beyond Bitcoin.
Given these dynamics, investors are advised to monitor Bitcoin dominance closely as a potential indicator of market shifts. Diversifying portfolios with promising altcoins is also recommended to capitalize on potential opportunities should the altcoin season gain full momentum.