Bitcoin Dominance Hits Two-Year Low As Crypto Market Prepares For 'Alt Season'

April 13, 2021 2:56 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Bitcoin Dominance Hits Two-Year Low As Crypto Market Prepares For 'Alt Season'

Bitcoin dominance fell to a two-year low of 55.70 according to data from TradingView, potentially indicating the start of a significant altcoin rally.

What Happened: This altcoin rally has come to be known as “alt season,” marked by several cryptocurrencies outperforming Bitcoin for a period of 60 to 90 days.

According to the Altcoin Season Index from Blockchain Center, April has proven to be “Altcoin month,” evidenced by the fact that 75% of the top 50 coins by market cap performed better than Bitcoin over the last 30 days.

The season for altcoins may have already started earlier this year, taking into account the overall performance of other cryptocurrencies compared to Bitcoin. Over a period of 90 days, Bitcoin has returned 65.7%, but some altcoins gains have far exceeded this figure.

The largest gainer was CAKE, the native crypto token of decentralized exchange PancakeSwap, which recorded a 3919.4% increase over the past three months.

Other popular altcoins that outperformed the market leader were DOGE, which gained 771.3%, and THETA that gained 499% during the same period.

Why It Matters: With over $2 trillion in market cap, today’s crypto market is vastly different from earlier years, and so are trader’s expectations of the current alt season.

According to a popular Twitter crypto trader known to his followers as CJ, once Bitcoin dominance loses critical support, it will ignite the “mother of all alt seasons.”

Another popular crypto trader Credible Crypto, says he expects two alt seasons in general.

“I don’t believe we have had a major 4th wave yet on BTC. 4th waves are generally sideways- aka first alt season. Then once BTC tops after the 5th impulse wave, second alt season,” he said on Twitter.

Related Articles

Digital Asset Custody Solutions: Should You Build Or Buy? | Opinion

This column does not necessarily reflect the opinion of the editorial board of Benzinga. Banks and governments have had centuries to improve the quick transfer of traditional currency.  read more

Palantir Stages Reversal Following 'Phenomenal' Earnings Report, Says Roger Monteforte

The volatile price action in Palantir Technologies Inc (NYSE: PLTR) was less about the Bitcoin (CRYPTO:BTC) news and more about the company's fantastic earnings report, founder and CEO of Forte Capital Group Roger Monteforte said Tuesday on CNBC's "Closing Bell.&qu read more

MoneyGram Will Allow To Buy And Sell Bitcoin With Cash In Partnership With Coinme Exchange

Cross-border payments giant MoneyGram International Inc. (NASDAQ: MGI) will now allow its customers to buy Bitcoin (CRYPTO: BTC) and other cryptocurrencies for cash at brick-and-mortar locations in the United States. read more

He Invested $17 In Shiba Inu. Now He Has Almost $6M

“Dog meme tokens” have captured the attention of crypto market participants – most recently Shiba Inu token (SHIB) took the spotlight after gaining 1479% in seven days. What's even more impressive is the token’s overall returns to early holders who purchased SHIB in October 2020. read more