Towards An Altseason? Bitcoin's Dominance Wavers

Bitcoin is making waves again, with a spectacular rise after the US elections. But what about altcoins? These alternative cryptos, often relegated to the background, are gaining renewed attention. As BTC loses ground in terms of dominance, historical signals seem to herald a possible “altseason”. Let’s decode together this potential shift that energizes traders and disrupts the crypto market.

Bitcoin dominance in free fall: An altseason like never before?

Latest Bitcoin news, the unstoppable star of blockchain, has shone again, recording a 9% increase in one week. However, this figure pales in comparison to the impressive 17% green candle observed five days after the elections.

At that time, the victory of a pro-crypto camp, combining favorable regulation and institutional support, injected a new optimism.

Another #altseason trigger?

When #Bitcoin touches this line… pic.twitter.com/ueGxJn4LoK

— TechDev (@TechDev_52) November 22, 2024

The peak of Bitcoin dominance, which reached 62% on November 21, reminded us of the glorious days of March 2021. But this supremacy is fading: in 48 hours, its market share has dropped to 59%.

This retreat opens the door for altcoins, which benefit from the wake left by the giant.

Elon Musk, Larry Fink, and even Donald Trump turn out to be heavyweight allies, bringing legitimacy to the ecosystem. Traders are now watching for a marked transition: that of the rise of altcoins, aka “altcoin season“.

Key figures:

• Bitcoin: +9% over a week;
• Max dominance: 62%, dropped to 59%;
• Leading altcoins: Stellar (XLM), Ripple (XRP), VeChain (VET), Polkadot (DOT).

Altseason: a turning point for alternative cryptos

While Bitcoin is taking its time, altcoins are standing out. Stellar, Ripple, and the like are breaking records, fueling speculation about an imminent “altseason”. As noted by the famous analyst MegaWhale Crypto: “Altseason likely starts today.”

#ALTSEASON likely starts today pic.twitter.com/xr0o0WZbh3

— MegaWhale Crypto (@The_MegaWhale) November 23, 2024

This key moment, well-known to traders, is often preceded by a notable drop in BTC dominance.

Altcoins are not just clones: they bring innovative solutions to Web3. Secured by advanced cryptographic techniques, they establish themselves in various sectors, from decentralized storage to decentralized finance (DeFi).

This dynamic recalls Bitcoin’s 2020 season, where a similar shift propelled altcoins to the forefront.

Thus, experts from Hashkely Capital estimate that the $80,000 threshold for Bitcoin could be the trigger for this much-anticipated altseason. However, the delays observed after the US elections complicate matters. If BTC flirts with this critical line, it remains to be seen whether altcoins will be able to capitalize and take the spotlight.