Bitcoin Dominance (BTC.D), a metric tracking Bitcoin’s share of the total cryptocurrency market capitalization, has fallen below a critical support level for the first time in months, suggesting a potential migration of investor interest toward altcoins.
The indicator dropped to 61.71%, breaking down decisively below the 62.20% support level that had held since April. Technical indicators reinforce this bearish signal, with the Moving Average Convergence Divergence (MACD) showing significant downside momentum: the MACD line sits at -0.61, positioned below the signal line at -0.24.
Analysts now identify the next significant support zone for Bitcoin Dominance between 60.0% and 60.5%. Concurrently, market observances confirm a rising dominance for altcoins excluding Ethereum, indicating a shift toward other tokens beyond the top two cryptocurrencies.
Market commentator Alphractal highlighted this development, noting that the altcoin market is gaining strength, gradually reducing Bitcoin’s hold over the broader crypto landscape.