The recent decline in Bitcoin's dominance in the cryptocurrency market and the rise of Ethereum signal a potential new altseason.
Bitcoin Dominance Issues
Bitcoin's dominance has fallen to 54%, marking the lowest level since January. This metric, which measures Bitcoin's share in the cryptocurrency market, started declining in late June when Ethereum began to show positive momentum.
Altcoins on the Rise
While Bitcoin remains relatively stable around $119,350, Ethereum has surged over 8%, reaching $4,670, while altcoins such as Solana, Cardano, Chainlink, and Litecoin are showing significant price increases.
Analysts' Outlook on Altseason
Despite the drop in Bitcoin's dominance, the CoinMarketCap altseason index remains low at 37 out of 100, while the Blockchain Center index shows a more optimistic reading of 53, correlating with Ethereum's rise. Analysts suggest that if Bitcoin's dominance continues to decline, it could lead to substantial price growth for altcoins.
The decline in Bitcoin dominance and the rise of altcoin prices create conditions for a potential new altseason, though the market's future direction remains uncertain.
