The Altcoin Cycle Is Nearing Its End: Has Bitcoin Dominance Peaked
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- The combined dominance chart approached its previous highs.
- Capital inflow into the cryptosphere through rising BTC prices was essential for a healthy altcoin season.
In recent months, Bitcoin [BTC] has demonstrated a bullish trend in September and October after steadily declining since March. Notably, on October 29, it nearly reached its all-time high of $73,600 before experiencing resistance.
An analysis of on-chain metrics indicated a rise in large transaction volumes alongside growing bullish sentiment in shorter time frames.
On longer time frames, capital inflows and market rotation will be vital for both Bitcoin and altcoins during this cycle.
How close are we to an altcoin season?
Source: Benjamin Cowen
Benjamin Cowen, CEO and founder of Into The Cryptoverse, anticipates an exciting year for altcoins ahead. He noted that during 2020 and 2023, the combined dominance of Bitcoin, Ethereum [ETH], USDT, USDC was at 82% prior to notable growth in the altcoin markets...... .
The market is currently inching towards a high dominance level of around 80.51%. If there is sustained bearish movement or rejection at these levels again implies that leading cryptocurrencies like Bitcoin or Ethereum might begin to lose ground to various emerging altcoins.
A decrease in stablecoins’ share within the overall market could indicate investors are shifting toward buying more cryptocurrencies rather than holding onto stable assets. Cowen suggests that significant movements will likely commence starting from 2025; hence holders may need extra patience before seeing substantial profits.
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Source: Blockchain Center..
The Altcoin Seasonal Index further supports this view with a reading of just 27—demonstrating that altcoin markets have been lagging behind BTC’s performance.
Additionally, historical trends show that altcoins tend to suffer greater losses compared with BTC during downturns.
Encouragement for investors
Source : BTC.D TradingView p >
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The current bitcoin (BTC) dominance chart indicates a breakout above major resistance points established during previous cycles .
In fact ,BTC.D has surged from approximately %60.5 up towards an impressive level near %72 over its last cycle however achieving exactly near -72% is not strictly necessary as it does not directly equate breaking free into entirely different ranges which atmosphere defines .
Using technical analysis alone breaks through btc.d’s continuing predicted structure could signal prospective surges coming around alts soon following . Further watching btc.d since events happening could estimate overall opportunity within underestimated gains trailing closely behind any pushing upwards processes appearing later down paths pushed past barriers .
Check out[ BTC& ]Bitcoin Prediction set ahead planned preferably placed two years forecast wise onward under our perspectives showcasing targets !
Bitcoin serves as central magnet drawing significant amounts flowing thru entire crypto surroundings attracting more investments entering routes potentially crowding overflows guaranteed copying influences where they spark somewhat scintillating shifts generated successfully increasing directions obtained substantially realized !
> There exists clearly no better period than now observed accumulating positions surrounding particularly promising solidified interests existing today giving much credence respected patterns None should risk falling backtrack’d! ……………………………………….. Share This » ;
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