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Is It Altcoin Season: Are the Indicators Pointing Towards an Altcoin Surge?
- Exciting News: Bitcoin ETF Inflows Set to Trigger Price Surge!
- Keep an Eye on Altcoins as They Ride Bitcoin’s Coattails!
Bitcoin [BTC] is poised for a breakthrough! Just recently, BTC was stagnant at $67.7k, with low trading volume indicating a lack of upward momentum.
Source: Farside Investors
However, the tides are turning. Recent data from Farside Investors revealed a massive $886 million influx into Bitcoin exchange-traded funds on Tuesday, June 4th.
This surge in investments could be the trigger for a new wave of speculation and trading in the BTC market.
As Bitcoin gains attention, will altcoins benefit from this surge? Or will they have to play catch-up to the king of cryptocurrencies? Let’s check the altcoin season indicator.
Are Altcoins Ready to Shine?
According to the altcoin season index by BlockchainCentre, the index currently stands at 31, indicating a potential shift in the market dynamics. Over the past six months, the index has declined from 80 to 31.
While last year saw a dominant Bitcoin season in the market, the changing landscape suggests that altcoins could be gearing up for a revival.
Even though altcoins may ride the Bitcoin wave, only a handful might surpass the king of cryptocurrencies in performance.
A spike in the altcoin season indicator beyond 75 could signal a significant uptrend for altcoins, although the rally may be concentrated in specific altcoins rather than across the entire market.
Unlocking the Secrets of Bitcoin Dominance
Source: BTC.D on TradingView
The Bitcoin Dominance chart highlights BTC’s market share compared to other cryptocurrencies. Currently, it fluctuates between 53.9% and 56.3%, suggesting market movements.
If the BTC.D rises, it signifies Bitcoin’s outperformance relative to other cryptocurrencies like Ethereum [ETH].
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Throughout 2021, from January to June, BTC’s dominance dropped from 72% to 40.4%, opening doors for altcoins to thrive. The altcoin market capitalization (excluding ETH) saw significant growth during this time.
In order for a true altcoin season to kick off, a sustained decrease in BTC.D is essential.
