Skip to main content

Altseason On Hold As Bitcoin Dominance Set For Surge – Details

The altseason, one of the most anticipated events of the crypto bull market, may potentially remain on hold following recent insights by some prominent market analysts. Notably, the current crypto cycle has shown little progress toward a true altseason, with Bitcoin Dominance holding strong, signaling a continued preference among investors for the leading cryptocurrency over alternative digital assets.

Bitcoin Dominance Tipped To Hit 74%, Altseason Remains Elusive

In an X post on June 27, renowned market analyst with X username Rekt Capital projected the Bitcoin Dominance (BTC.D) to experience a steady rise to 74%. Following Bitcoin’s price dip in the early last week, the analyst highlighted a successful retest of the 64% dominance level noting that, historically, such retests are typically followed by a continued rise without meaningful pullbacks until the 71% mark.

Notably, this market insight suggests Bitcoin is likely to keep attracting a massive influx of investment suggesting an altseason may be a distant concept for the present market cycle. For context, the altseason defines a period in the bull cycle when altcoins outperform Bitcoin. It is generally indicated by a fall in Bitcoin Dominance indicating a shift in investors capital from the market leader to other cryptocurrencies.

Altseason

The altseason has been a major talking point in recent months as some analysts citing the staggering increase in altcoins in past recent years as a major obstacle to replicating the feat seen in 2017 and 2021. Meanwhile, other analysts have argued against this logic stating that while a broad-based altseason may be less likely, a more selective version, featuring strong performances from specific projects, remains on the table. Meanwhile, another popular market expert with X username Daan Crypto has highlighted the altcoin market’s struggling performance since 2024. The analyst explains that altcoins has been stuck in a sideways structure over the past eighteen months, lacking the clear bullish momentum seen in the Bitcoin market. According to Daan Crypto, the key resistance level for the altcoin market lies around the $1.27 trillion mark, a high from earlier in 2024. A confirmed breakout above this level could signal renewed investor appetite for altcoins and push the structural momentum needed for an altseason to begin.

Altseason

Crypto Market Overview

At the time of writing, the total crypto market cap is valued at $3.24 trillion following a 0.08% gain in the past day. As the market leader, Bitcoin currently holds a market dominance of 64.9%. The remaining 35.1% is accounted for by the altcoin market which is presently valued at $1.11 trillion. 

altseason

from Bitcoinist.com https://ift.tt/SyhF5N7
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin ETFs Post Second Straight Week Of $500 Million Outflow — Details

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period. This recent run of disappointing performances reflects the ongoing shift in investor sentiment in the United States. Over the past year, strong inflows into the US Bitcoin ETF market have constantly been associated with positive action for the BTC price. Fittingly, the price of Bitcoin has been consolidating over the past few weeks, struggling to pick up any real momentum. Bitcoin ETFs Record Fourth Consecutive Outflow Day According to the latest market data , the US Bitcoin ETFs registered a total daily outflow of $62.77 million on Friday, February 21. This latest round of withdrawals marked the fourth straight day (and the eighth day in the last nine trading days) that the crypto-based products would witness a net capital outflow. The Grayscale Bitcoin Trust (with the ticker GBTC) accounted for a larger percentage of Friday’...
Post a Comment
Read more

Bitcoin Remains Range-Bound As Volatility Declines – Analyst Explains Price Action

Bitcoin has experienced frustrating price action in recent weeks, leaving investors impatient about its short-term direction. The price has been testing crucial supply levels between $98K and $100K, struggling to break out as uncertainty dominates the market. The lack of a clear move has led to speculation about whether BTC is preparing for a breakout or another correction. Adding to the uncertainty, the market was hit by negative news on Friday when crypto exchange Bybit was hacked, resulting in the theft of $1.4 billion in ETH. The incident caused fear and volatility, briefly dragging prices lower. However, Bybit responded quickly to reassure investors, easing some of the initial panic and stabilizing the market. Despite this, Bitcoin continues to consolidate in a tight range. Crypto expert Daan shared an analysis on X, noting that BTC is still ranging while volatility is steadily decreasing. As price compression increases, traders are on high alert for a potential explosive move....
Post a Comment
Read more

OpenSea Dodges A Bullet As SEC Drops Investigation—Details

In a move that many in the crypto industry view as a positive signal, the US Securities and Exchange Commission (SEC) has officially discontinued its investigation into OpenSea, the leading NFT marketplace. This decision concludes months of uncertainty regarding the regulatory status of NFTs and their classification under US securities laws. SEC Decision Signals A Shift On February 21, 2025, Devin Finzer, the CEO and co-founder of OpenSea, said the SEC will not take any enforcement action against the firm. This comes following the August 2024 Wells Notice to OpenSea issued by the SEC, which indicated the possibility of legal action on alleged unregistered securities offenses. The outcome of this case suggests a possible shift in the way authorities handle NFTs, therefore affecting the whole scene of digital assets. For the industry, this outcome has been seen as a major turning point. Though they are in rivalry with OpenSea, Chris Akhavan, the Chief Business Officer of Magic Eden,...
Post a Comment
Read more