Bitcoin: Its Dominance is Holding Back the Surge of Altcoins!

Altcoins, eternal companions of Bitcoin, sadly watch their queen continue to reign supreme in the crypto kingdom. While the long-awaited ‘altcoin season’ seems elusive, everyone’s eyes remain fixed on the leader. Historically, Bitcoin’s rises have preceded altcoin surges, but this time, the scenario might play out differently.

Bitcoin: An Unquestionable Domination That Hinders Altcoins

For months, Bitcoin has maintained overwhelming dominance over the cryptocurrency market, preventing altcoins from experiencing their traditional surge.

According to CoinMarketCap data, more than 90 days after the 2024 Halving, Bitcoin’s market share remains high at 53.9%. Crypto enthusiasts wonder if an altcoins season is still possible before the end of the year.

‘CryptoBusy’, a famous crypto analyst on Twitter, highlights:

“If we follow what happened previously, the altcoins season might not occur until the fourth quarter of 2024 or early 2025.”

ALTCOIN SEASON TO HAPPEN IN Q4 2024 TO 2025? 🤔#Bitcoin dominance is still rising, and altcoin dominance could dump.

If we follow what happened in the previous price action of BTC.D:

2016: 243 days after the halving, altcoin season happened when #BTC dominance dumped 63%… pic.twitter.com/kYzKXl2TsE

— CryptoBusy (@CryptoBusy) July 9, 2024

Previous cycles have shown that a significant drop in Bitcoin’s dominance is often followed by an altcoin rally, but patience is required this year.

The Crypto Market Dynamics Awaiting a Reversal

Summers in the crypto world are often calm, giving way to anticipation and speculation. This year is no exception.

Analysts like Benjamin Cowen, CEO of IntoTheCryptoverse, insist that the cryptocurrency market capitalization is currently undervalued.

He notes that “the potential rise could occur at the end of the halving year or during the first half of the post-halving year.”

Recent history shows that 243 days after the 2016 halving, and 245 days after the 2020 halving, Bitcoin’s dominance dropped, paving the way for a mega rally of altcoins.

However, the massive BTC sale by the German government and the BTC distribution by Mt. Gox could disrupt this cycle.

While waiting for Bitcoin’s dominance to finally give way, crypto enthusiasts remain on the lookout, dreaming of a spectacular altcoin surge or altseason. With a bit of patience and a good dose of optimism, the next altcoins season might be well worth the wait.