Bitcoin is Losing Dominance
Bitcoin has led the cryptocurrency market for many months, but a shift may be imminent. Traders are now beginning to pay attention to altcoins, with many believing that a new altcoin season could be starting. A well-known trader, Bitcoinsensus, shows that Bitcoin has just broken through a critical resistance level that has been held for five months. This could create opportunities for altcoins to shine.
Mini Altcoin Season Approaching
Bitcoinsensus, known for tracking overall market trends, recently pointed to a decline in Bitcoin Dominance. This is something that has not happened in the past five months. According to their chart, BTC dominance has broken a long-term support line, a technical signal that often marks a significant market shift. Traders compare the current situation to late 2024, when BTC dominance dropped sharply and altcoins surged.
The Collapse of Dominance
Currently, Bitcoin Dominance has decreased to 61.3%, down from nearly 65% last week, leading many to believe that history may repeat itself. This decline has caught the attention of industry leaders. Tracy Jin, COO of MEXC, called it one of the first signs of the upcoming altcoin wave. At the same time, cryptocurrency investors seem to be withdrawing from stablecoins, reallocating funds into riskier assets like ETH and other altcoins.
Ethereum Leads
Ethereum (ETH), often seen as a leader among altcoins, is experiencing strong momentum. Since the beginning of this week, ETH has risen nearly 20% in one day. Over the past week, it has increased more than 52%, from about $1,772 to $2,644. This performance is not just about price; it reflects a shift in traders' mindsets. As people begin to feel more confident in taking risks, altcoins start to benefit.
The Future of Altcoin Season
Although it is still too early to assert that a comprehensive altcoin season has arrived, the altcoin season index still implies a different picture, currently standing at 24, reflecting much about Bitcoin. It seems that a monetary movement is underway, opening a future that may be challenging but also full of opportunities.
Source: https://tintucbitcoin.com/sap-toi-mua-altcoin-ly-do-chuyen-gia-tien-dien-tu-tin-tuong/
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