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Bitcoin Dominance Drops Below 60% as Altseason Signals Flash
Bitcoin dominance has fallen to its lowest level since January, dropping this week as Ethereum approaches its all-time high.
The metric, which measures Bitcoin’s crypto market share, has been trending downward since late June when Ether started to wake up. Since then, it has declined by 10% sparking renewed calls for altseason, which usually comes when BTC dominance drops to 50%.
Bitcoin’s market share has been in an uptrend since the bear market of late 2022, which many altcoins have yet to recover from.
Bitcoin dominance fell below 55% in December 2024 during the crypto market rally after the US election, but it resumed its uptrend shortly after, according to TradingView.
Bitcoin Dominance Showing Weakness
This was the biggest indicator of altseason witnessed in 2017 and 2021, “and it shows that mega altseason for this bull run is pending,” commented crypto research channel ‘Bull Theory’ on Tuesday.
Bitcoin dominance can drop to the 45% level in the next six months, and this is where altcoins pump 10x to 50x, they added The sentiment has been echoed by several analysts, all observing the same thing.
Nevertheless, CoinMarketCap’s altseason index is still a low 37 out of 100, implying that we’re not there yet. It hit 55 on June 21 during the market rally but has fallen back along with the prices of most altcoins.
However, Blockchain Center’s altseason index is showing a much higher reading of 53, having jumped over the past week with the rise of Ether.
Altcoins Stealing The Show
Bitcoin has remained relatively stable over the past 24 hours, trading around $119,350 at the time of writing.
However, Ethereum has jumped more than 8% to reach $4,670, just 4.2% away from its 2021 all-time high, in Wednesday morning trading in Asia. Ether’s meteoric rise over the past month has eaten into Bitcoin’s market dominance.
Solana is also performing very well today with a 12% pump as it closes in on $200, while Cardano was up over 9% as it reached $0.86.
Chainlink was up 13% to reach $24.50, and Litecoin had gained 11% to hit a six-month high of $133 as altcoins stole the show today.