Bitcoin's dominance in the cryptocurrency market confirms its decline, which may lead to increased interest in altcoins. At the same time, whale activities indicate potential short-term volatility.
Confirmation of Bitcoin Dominance Decline
Bitcoin's dominance has dropped to 60.84%, indicating a market shift in favor of altcoins. The breach below the critical support level of 62% confirms a bearish structural change formed since late Q2.
Whale Activities
Lookonchain data reveals that a major whale moved 400 BTC (worth $47.1M) to Binance. The investor had previously acquired 1,500 BTC at an average of $56,282. This move brings realized profits to $91.5 million, amounting to a 109% return on total investment.
Current Situation in Bitcoin Market
At press time, Bitcoin (BTC) is trading at $119,438.99, gaining 0.97% in the past 24 hours. The price briefly dipped below $117K but rebounded quickly, showing resilience amid rising trading volume.
The decline in Bitcoin's dominance and active participation from whales may indicate the onset of an altcoin season. Current shifts in market activity combined with increased interest could potentially create favorable conditions for altcoins.
