Amid declining Bitcoin dominance, interest in altcoins, particularly Flare and Aleo, is growing. Both tokens show significant price movements and market activity.
Decline of Bitcoin Dominance
Since reaching a new high of $123,000 in mid-July, Bitcoin's price has fallen to $118,000. Historically, when Bitcoin cools off, traders often rotate their money into altcoins, leading to what's known as 'altcoin season.' Bitcoin's dominance has dropped from 65.1% in late June to 60.3% currently, while Ethereum's share has increased by 2.4 points to 11.3%.
Potential of Flare
Flare (FLR), an interoperability-focused blockchain, stands out amid rising interest in altcoins. The token has surged by 52% over the last week, reaching a six-month high of $0.0266. A key factor is Flare Labs' FAssets incentive program, which includes 2.2 billion FLR tokens to boost DeFi interest on the platform.
Prospects for Aleo
Aleo (ALEO), a privacy-focused blockchain, has also demonstrated strong growth, increasing by 47% over the past 30 days. The altcoin reached a five-month high of $0.39 but has stabilized at $0.30. A significant development for Aleo is its partnership with Bitmain to develop specialized ASIC miners, which may increase demand for ALEO tokens and support their price.
Bitcoin's declining dominance creates favorable conditions for the growth of altcoins like Flare and Aleo. Both tokens are showing strong market signals and could potentially lead the new season.
