Bitcoin market dominance continues to decline.
As cryptocurrencies become more valuable, their prices soar after the increased market share. The prices of altcoins no longer follow the price of Bitcoin as they usually do in the market. Now, indicators are pointing to an alt season on the horizon. Movement on the charts points to the possibility of this following the current bull rally.
Bitcoin has held the majority share of market dominance for the longest time. BTC dominance, which used to be over 95 percent, has fallen over the years and is now less than 50 percent. Ethereum, the most popular cryptocurrency after Bitcoin, continues to steal more market share than Bitcoin after every bull market. Altcoin projects now collectively have more than 50 percent market dominance. This puts them in an important position to start raising their prices on their own terms, rather than being forever tied to BTC’s price movements.
Ethereum alone now has more than 20 percent of the market dominance. Bitcoin market dominance is currently showing declining trends. This puts altcoin projects in a position to see an increase in market prices regardless of which direction the Bitcoin price is heading. Broken ascending wedge indicators suggest that Bitcoin’s current market dominance is headed for another retest. After this retest, there will most likely be a drop in dominance percentage. While Bitcoin continues to move in a perfect downtrend, altcoins are poised to explode following it.
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