According to Cointelegraph: Bitcoin's share of the total cryptocurrency market cap has surged to a three-year high of 56.3%, following a dip in altcoin prices amid BTC's price volatility. In the wake of Bitcoin's price drop, altcoins faced even more significant downward pressure, with many top twenty cryptocurrencies by market cap suffering over a 15% decline.
This scenario has resulted in a more "Bitcoin-heavy" crypto market not seen since April 2021. Altcoins surrendered their shares in the crypto market to Bitcoin, which is impressive considering the number of new altcoins entering the market daily.
It's notable that Bitcoin's bull markets typically display dominance breakouts in their early stages. Altcoins usually make significant gains once BTC/USD sees an extended consolidation period.
Despite the current circumstances, hopes remain for "altseason," a period of altcoin market dominance. Some traders believe this is the last shake-off before altcoins' explosive upward trajectory, combined with a downward trend in Bitcoin dominance.
