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Altcoins are skyrocketing, but Bitcoin's dominance rate remains "stagnant".
An analyst believes that altcoin still has a lot of room for bullishness, as many coins have risen to the sky but have not yet significantly taken market share from Bitcoin.
"The dominance ratio has not even decreased as altcoins have skyrocketed," analyst Matthew Hyland shared on platform X last Friday.
Bitcoin hits a peak for three consecutive days
According to data from TradingView, the dominance rate of Bitcoin is currently at 63.7%, having only decreased by 1.53% in the past week — while altcoins have seen significant bullish movements as Bitcoin continuously reached new highs on Wednesday, Thursday, and hit an ATH of 118,856 dollars on Friday.
Hyland posed a rhetorical question: "So what will happen if Bitcoin's dominance ratio drops from 65% to 45%?", suggesting that if BTC relinquishes a larger market share to altcoin, the market may witness a real altcoin season explode.
Analysts have long used Bitcoin's dominance ratio to assess when the altcoin season begins, with a downward trend often seen as a sign that altcoins are gaining additional market share from Bitcoin.
However, although Bitcoin's dominance rate has hardly changed, the recent bullish trend of altcoin indicates that new money is flowing into the broader market, not just concentrated on the king of crypto.
According to data from CoinMarketCap, among the top 100 cryptocurrencies, MemeCore (M) leads with a bullish increase of 1,216% over the past 7 days, followed by Mog Coin (MOG) with a rise to the sky of 66% and Stellar (XLM) with a rise to the sky of 56%.
**Michael van de Poppe: This could be the "**easiest altcoin season ever "
The ETH/BTC ratio ( reflects the relative strength of ETH against BTC) that increased by 8.39% over the past week, indicating that capital is gradually shifting towards altcoin.
However, the altcoin season index from CoinMarketCap indicates that the market is still heavily leaning towards Bitcoin, with the index currently at 29/100, meaning that the "Bitcoin season" still dominates.
However, in a post on Friday, Michael van de Poppe – the founder of MN Trading Capital stated:
"I believe we are about to witness the easiest and largest altcoin season in history."
Meanwhile, the Santiment data platform also concurs, stating that the current indicators confirm that the altcoin season has begun:
"Data shows that, at least at this moment, this is happening. As long as Bitcoin maintains its position above the important psychological support level around $110,000, traders are likely to continue taking profits from BTC and reallocating to altcoin," Santiment commented.
Minh Anh