While Bitcoin started to consolidate just above $ 10,000, the rise in altcoins continues, and the rise of altcoins pushed Bitcoin’s market dominance to its lowest level in eight months. Well what does it mean?
Since the beginning of the year, Bitcoin’s market dominance has dropped almost 12 percent. It had exceeded 70 percent at the end of last year, but has dropped to 62.3 percent today, according to Tradingview.com. This is the lowest level seen since the beginning of July 2019 and Bitcoin’s market dominance is 61 percent, according to CoinMarketCap data.
Bitcoin entered the year just under $ 7 thousand 200 this year, gaining 44 percent and went up to $ 10,500 a few days ago. It is clear that this rate is quite impressive when compared to assets such as gold, which gained just over 4 percent in the same period. However, this performance of Bitcoin has been overshadowed by the performance of many altcoins.
The unique rise of Altcoins directly affected market dominance. Since the first day of the new year, altcoin’s market dominance has exceeded 60 percent. The total market cap was over $ 300 billion this week.
The fact that altcoins perform better than Bitcoin in general has caused the comments that the “altcoin season” has come. Although it may have been a bull trap for a while, many traders who are cautious are now quite sure that the altcoin season is coming.