Altcoin Season Now? Bitcoin Dominance Plummets 3.65% Weekly

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As a seasoned researcher who has witnessed multiple Bitcoin price fluctuations and altcoin seasons, I must admit that the current market scenario is reminiscent of the Bitcoin ETF news cycle of yesteryear. The recent election results have breathed fresh life into the crypto market, much like a cannonball thrown into a pool by Bitcoin itself.

Looking back over the past week, I’ve noticed that Bitcoin‘s price has increased by approximately 9%. However, this figure pales in comparison to the impressive 17% weekly growth it saw on November 10, a mere five days following the U.S. elections.

The recent election of a group of Republican politicians who are supportive of cryptocurrencies, and who have substantial funds from blockchain technology, has significantly boosted the market, much like the repeated cycles of positive Bitcoin ETF news in the past.

As the excitement surrounding the little orange asset cools down and profits start to settle, I’ve been noticing intriguing chart patterns on TradingView – the same ones that have historically signaled an upcoming “alt season” or a massive rally for altcoins among traders. It feels like we might be on the cusp of something significant!

One significant indicator is the steep drop in Bitcoin’s dominance, or its market share compared to other alternative cryptocurrencies within the digital currency market.

Orange Man Bad: Bitcoin Dominates

As a researcher delving into the dynamic world of digital currencies, it’s evident that Bitcoin has steered this recent crypto surge, reclaiming dominance levels last witnessed in March 2021. In the aftermath of the election, Bitcoin, the OG (Original Gangster) of cryptocurrencies, exerted its influence, splashing into various Web3 liquidity pools with a force comparable to a cannonball.

The bullish sentiment for Bitcoin has been intensified due to Donald Trump’s ascension to the White House and the hope for regulatory clarity and laissez-faire.)

On November 21st, Bitcoin’s dominance soared to a staggering 62%. However, in just 48 hours following this peak, Bitcoin’s share of the total cryptocurrency market cap started to dip slightly, decreasing to 59%. This decline was due in part to altcoins capitalizing on Bitcoin’s momentum, with some even reaching unprecedented heights.

Altcoin Season Blows The Lid Off Market Cap Charts

Stop overcomplicating #altseason

— Fomotion (@Fomotion1) November 17, 2024

During the period from November 16 to November 23, Bitcoin’s dominance decreased by approximately 3.65% as other cryptocurrencies surpassed Bitcoin’s growth. Notable standouts this week were Stellar (XLM), Ripple (XRP), VeChain (VET), and Polkadot (DOT).

On Friday, MegaWhale Crypto, a well-known crypto analyst, indicated to his followers that an Altseason may have begun as early as today. He shared a chart illustrating the current market structure, suggesting that this is reminiscent of how altseasons started during the 2020 Bitcoin cycle.

#ALTSEASON likely starts today

— MegaWhale Crypto (@The_MegaWhale) November 23, 2024

Simultaneously, the crypto analyst TechDev52 shared some insights on the possible ‘altseason’, stating, “Upon Bitcoin reaching this level…” accompanied by a graph depicting BTC at that point.

Another #altseason trigger?

When #Bitcoin touches this line…

— TechDev (@TechDev_52) November 22, 2024

Altcoins make up a multi-trillion-dollar basket of competing currencies optimized for the Internet.

These systems operate using cryptographic methods much like those found in Bitcoin, making them self-governing within a decentralized, open-access network that remains active 24/7. This network is transparent and ensures fairness for all involved parties.

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2024-11-24 09:56