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Home»Bitcoin»Bitcoin dominance struggles at 58%: good news for altcoins?
Bitcoin

Bitcoin dominance struggles at 58%: good news for altcoins?

2024-10-01No Comments2 Mins Read
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  • Bitcoin’s dominance continues to struggle with significant resistance.
  • The altcoin seasonal index reached its highest level in six months.

Bitcoin [BTC] The dominance has struggled at a key resistance level of 58%, increasing market optimism about a stronger altcoin season if the market share decline were to worsen.

Historically, altcoins exploded as BTC’s dominance waned.

Since 2023, BTC (BTC.D) dominance has increased from 40% to a recent high of 58%.

However, the 58% level also acts as a resistance level, which if not exceeded would drag down BTC’s dominance. Most market observers believe such a decline could accelerate the economy altcoin rally.

Bitcoin dominance

Source:

Altcoin Season Hits Six-Month High

One of the metrics used to gauge the health of altcoin sectors is the ETH/BTC ratio. It measures ETHs value compared to BTC.

Furthermore, since ETH is the largest altcoin, the ETH/BTC ratio also evaluates the overall performance of the altcoin sector.

Bitcoin dominance

Source: CoinMarketCap

Since the Fed turn on September 18, ETH has outperformed BTC. This suggested improved altcoin performance over the same period, which saw BTC’s dominance fall by 2.5%.

Last week, memecoins showed a huge rebound and led the market recovery Shiba Inu [SHIB] take the lead.

The monthly charts say Sui network [SUI], Bit tensor [TAO]And Popkat [POPCAT] dominated the top performers in September with double- and triple-digit gains.

BTC dominance

Source: Blockchain Center

At the time of writing: the Altcoin Season Index reading was 49, almost neutral, the highest level since March. This underlined last month’s remarkable altcoin performance.

Despite the strong investor interest in altcoins, the founder of CryptoQuant noted that massive capital rotation from BTC to altcoins had yet to begin.

“The rotation of assets from #Bitcoin to altcoins has not yet started, but the buying walls are generally strengthening. I like the calm before the storm.”

Bitcoin dominance

Source: CryptoQuant

Put another way, the altcoin season was gaining momentum, offering upside potential for those with exposure. Ergo, BTC dips could be great opportunities to grab more ‘cheap’ altcoins with huge potential.

See also  14 year old dormant Bitcoin wallet wakes up and crashes BTC price

Next: October’s Token Unlock Event: TIA, SUI Lead the $1 Billion Affair

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