Bitcoin Dominance At Its Highest Level Since 2017: Altcoins Continue Their Bleed To Death
It's official. The altcoin season is over. Bitcoin dominance has returned to the driving seat reaching levels last seen throughout the bull run in late 2017. Data from Coinmarketcap at press time revealed that Bitcoin's $112 billion market cap comprised 58% of the crypto market.
You would need to go back to mid-December 2017 when 1 BTC was worth over $15,000 to see Bitcoin boasting such dominance. Nevertheless, there is a twist this time which has left most investors and traders fretted.
Numerous cryptocurrency lovers think that as the market develops, it will get to a point where Bitcoin dominance reasserts its supremacy from altcoins, break away and ‘leave them' shrieking with little to no value left.
The current worry originates from the truth that the current market performance, namely Bitcoin's bullish move and altcoin's not following through as in late 2017, raises a question about whether we have come to the end of the roadway for altcoins.
Aside from Binance Coin (BNB) which is not surprisingly low due to the fact of the recent security breach of the exchange, all of the leading 10 altcoins, except Ethereum (ETH) and Bitcoin Cash (BCH) is publishing no considerable gains on the 7-day chart.
Ripple (XRP) is down 2% following its 50% crack up against Bitcoin since 2019 started, Stellar (XLM) is down 9%, Cardano (ADA) is down 8% with Litecoin only seeing 1% gain. One would normally anticipate Bitcoin's bullish development to affect the performance of altcoins positively, but that is just not happening at the moment.
Looking for the next Altcoin season
The coming days will likely be the response to that topic, although it seems there's no stopping Bitcoin's happy mode at the moment. At press time Bitcoin is trading around $6,800 after well over $1000 weekly gains. Any prices above that would imply more supremacy and more concern for the already suffering altcoins.
Altcoin season usually occurs when Bitcoin is calm and stable. We saw this during March-April 2019 at the recent Altcoin Season, and we likewise saw it throughout January 2018.
Crypto markets do look uncannily comparable to Q3 2017 when Bitcoin rose at the cost of altcoins. If there is to be a repeat of the huge spike later this year or next, this could be the very best time to fill up on alternative crypto assets.
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