The cryptocurrency market is undergoing changes with Ethereum's strengthening position and Bitcoin's dominance decline. Key indicators suggest a potential trend reversal.
Ethereum's Comeback
Ethereum has risen nearly 30% over the past week, significantly outperforming Bitcoin's 5% growth. The price of ETH reached $4,715, close to its all-time high from 2021. Ethereum's renewed prominence suggests a possible market leadership shift.
Bitcoin's Dominance Decline
Bitcoin's share of the cryptocurrency market is declining; after hitting 66% in June, it has dropped to 58.4%. This marks the first time in six months that it has fallen below 60%, concluding a lengthy increase in Bitcoin dominance. The decline is linked to growing investor interest in altcoins.
How to Determine the Start of Altcoin Season?
According to the Altcoin Season Index, confirming an altcoin season typically requires at least 75% of the top 50 altcoins to outperform Bitcoin. Currently, the index is at 51, indicating that a full season has not yet started but suggests a potential change in dynamics.
Although the current data does not confirm a full-blown altcoin season, the signs of change are evident. Investors are closely monitoring market shifts.
