Bitcoin Dominance Dips to 61% Amid Early Signs of Potential Altcoin Season

Key Points

1. Bitcoin's dominance dropped to 61% of the cryptocurrency market, down from 65.5% the previous week, while altcoins like Ethereum and XRP saw significant price increases.

2. Ethereum surged 20% to $3,600, and XRP climbed 23% to $3.46, but experts caution that a full altcoin season may not yet be underway.

3. Market dynamics have evolved with the introduction of Bitcoin ETFs in the U.S., providing investors with new ways to gain exposure to cryptocurrencies.

4. Macro factors, such as Federal Reserve policies, and regulatory developments continue to influence market sentiment, with rate cuts unlikely before September.

5. The Altcoin Season Index remains below the threshold for a full altcoin season, though nearly 60% of Myriad Markets users predict Ethereum will reach new all-time highs this year.