Conditions are forming in the cryptocurrency market for a potential beginning of an altcoin season, especially amid rising interest in Ethereum and declining Bitcoin dominance.
Declining Bitcoin Dominance and Its Impact on Altcoins
According to Coinbase, Bitcoin's market share has dropped from 65% to 59%, which may signal the beginning of capital moving towards altcoins. Experts note that falling Bitcoin dominance indicates possible shifts in the financial landscape of the crypto market.
Rising Interest in Ethereum ETFs
Ethereum shows significant growth due to increased investment in spot ETFs. In the first half of August, they attracted over $3 billion, creating positive sentiment among investors.
Prospects for Altcoin Season
Analysts believe that the combination of declining Bitcoin dominance, rising altcoin market capitalization, and a supportive macroeconomic backdrop could lead to the formation of a full-scale altcoin season in the coming months.
Given the current trends in the crypto market, we may be witnessing the start of a new growth cycle for altcoins, particularly Ethereum, which could impact the entire market.
