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Crypto analyst Daan Cryptohas provided an analysis of the rising Bitcoin dominance, explaining why this will likely continue to surge. Based on his analysis, the altcoin season is unlikely to come anytime soon, with many alts suffering significant selling pressure while BTC accumulation increases. Bitcoin Dominance Surge Dashes Hopes Of Altcoin Season
In an X post, Daan Crypto stated that the Bitcoin Dominance shows no signs of stopping following the latest surge above 64%. He indicated that the dominance will only continue to rise as more treasury companies try to accumulate Bitcoin. Meanwhile, on the other hand, hopes of an altcoin seasonfade away as many altcoins are plagued with big unlocks and downtrending momentum. Related Reading Positioning For Altcoin Season: Analyst Reveals When To Buy As Bitcoin Dominance Rises 1 week ago
Daan Crypto also alluded to how there was a short squeeze last month on Ethereum, which took a lot of coins with it. However, this momentum quickly faded afterwards, again dashing hopes of an altcoin season. The analyst explained that there wasn’t sufficient spot bid to bid most of these coins up further. Source: Daan Crypto Trades on X
Meanwhile, he cautioned market participants to pick their altcoin investments wisely. Daan Crypto remarked that most of them will underperform BTC over a larger timeframe. His warning suggests that the Bitcoin dominancewill continue to trend upwards while an altcoin season may not happen anytime soon.
Basically, there is a lack of interest and capital in these altcoins to spark an altcoin season, which could see them outperform BTC. Meanwhile, the Bitcoin dominance is surging thanks to massive adoption from institutional investors. These companies are looking to adopt Strategy’s playbookor gain exposure through the Bitcoin ETFs.
BlockchainCenter datashows that it is still Bitcoin season and nowhere near altcoin season. For it to be altcoin season, 75% of the top 50 coins need to have outperformed BTC over the last 90 days. Only ten altcoins have outperformed the flagship crypto during this period. Altseason Is Still Coming, But Slowly
In an X post, crypto analyst Astronomer assured that the altcoin season is still coming, although it could take a while. He noted that the price remains the same for these altcoins, but declared that nothing has changed. The analyst remarked that this lines up with the overall plan of the Bitcoin priceranging till the end of June and altcoins remaining in their local ranges. Related Reading The Return Of Altcoin Season: Why Bitcoin Dominance Must Fall To 62% 1 week ago
Astronomer also indicated that BTC needs to break outwhile the Bitcoin dominance remains below 65% for all parts of the plan for an altcoin season to be completed. The analyst urged market participants to be patient, expressing his confidence that an altcoin season would still occur.
At the time of writing, the Bitcoin price is trading at around $107,300, up in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $106,436 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com