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Altcoin Season Delayed Due to Bitcoin's Market Dominance

by

2 hours ago

As Bitcoin approaches $70,000, the anticipated altcoin season is delayed according to analysts, due to Bitcoin's increasing market dominance.

Bitcoin's Market Dominance

Cryptocurrency service provider Matrixport reported that Bitcoin's dominance stands at 58%. This factor hinders the start of the altcoin season as investor focus remains on Bitcoin.

Bitcoin’s dominance continues to grow and has reached 58%, indicating that the alt season has not yet started and may be delayed.

Impact on Altcoins

Despite the launch of over 20,000 cryptocurrencies, the impact on altcoins remains minimal. Significant capital inflows into spot Bitcoin ETFs have not translated into altcoin changes, as retail investors have yet to enter the market.

Market Expectations

Matrixport analysts also expect Bitcoin's influence to grow. They note trading volumes increasing from $10-20 billion to $20-40 billion in 2023, highlighting Bitcoin's growing significance.

Investors eagerly await the start of the altcoin season, yet analysis suggests Bitcoin's dominance could further increase, delaying this event.

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