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Deythere > News > News > Bitcoin Dominance Hits Resistance: Is an Altcoin Season Coming?
News

Bitcoin Dominance Hits Resistance: Is an Altcoin Season Coming?

an article about Bitcoin dominance hitting resistance and the possibility of an upcoming altcoin season. The image should
Thibault Lefebvre
Last updated: September 25, 2024 2:07 pm
By
Thibault Lefebvre
Published September 25, 2024
4 Min Read
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Over the past three weeks, the cryptocurrency market has seen a significant rise, with the total market cap climbing from $1.828 trillion to $2.261 trillion, marking a roughly 20% increase. The primary driver behind this surge was the Federal Reserve’s interest rate cut decision. As a result, Bitcoin soared to a one-month high of $65,142. However, Bitcoin’s market dominance is currently facing strong resistance, raising questions about whether an altcoin season is on the horizon. To better understand the crypto market dynamics and how altcoins might perform against Bitcoin, a deeper analysis is necessary.

Contents
  • Bitcoin Dominance Faces Resistance
  • Will Critical Support Affect Altcoins?
  • Top 5 Altcoins Show Promise: More to Come?
  • Is It Too Early for an Altcoin Season?
  • Today’s 13 Altcoins to Watch: Here’s What’s Coming!

Bitcoin Dominance Faces Resistance

Bitcoin’s market dominance has surged to 58.59%, but it is now struggling to break through a key resistance level. Analysts suggest that if Bitcoin dominance declines, it could signal a strong altcoin rally. According to analysis from Bitcoinsensus, Bitcoin’s weekly chart is showing signs of a bearish pennant formation. If this formation breaks downward, Bitcoin’s market share could shrink, providing a new opportunity for altcoins to shine. For altcoin prices to gain upward momentum, a breakdown in Bitcoin dominance is crucial. While Bitcoin continues to play a leading role in the crypto world, its stalling or declining dominance could open the door for altcoins to take the spotlight.

Will Critical Support Affect Altcoins?

Currently, Bitcoin dominance hovers around 57%, with the most critical support level at 47.5%. This level aligns with a Fibonacci retracement, a technical indicator that has historically triggered significant capital flows into altcoins when Bitcoin dominance reaches it. Should Bitcoin dominance fall below this resistance, altcoins stand a strong chance of experiencing substantial gains.

an article about Bitcoin dominance and the potential for an upcoming altcoin season. The image should include abstract rep

Top 5 Altcoins Show Promise: More to Come?

The 47.5% support level is crucial because it has served as a turning point for Bitcoin dominance in the past. If Bitcoin rebounds from this level, it could regain control over the market. However, if Bitcoin dominance dips below this threshold, altcoins could gain a significant upper hand. Recent movements in the altcoin market suggest that investors should keep a close watch on this scenario.

Is It Too Early for an Altcoin Season?

While technical indicators appear promising, it may still be too early to confirm the start of an altcoin season. According to Blockchain Center, only 31% of the top 50 altcoins have outperformed Bitcoin over the last 90 days. This data indicates that an altcoin season is not yet fully underway. The Altcoin Season Index currently stands at 31, well below the 75-point threshold required to confirm an altcoin season. While the rising index offers hope for long-term investors, altcoins still need more gains to claim leadership over the market. For now, investors should closely monitor both Bitcoin and altcoins to stay informed about potential market shifts.

Today’s 13 Altcoins to Watch: Here’s What’s Coming!

In conclusion, the recent rally in the crypto market has brought altcoins into focus, especially as Bitcoin faces resistance. While technical signals and overall market trends suggest the possibility of an altcoin season, it is still too early to make definitive claims. Investors should remain cautious and observe the market dynamics of both Bitcoin and altcoins. As always, the crypto market remains full of uncertainties, making it challenging to predict when opportunities will arise.

altcoin season, Bitcoin dominance, Fibonacci retracement, Deythere, altcoins

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ByThibault Lefebvre
Thibault Lefebvre is a blockchain expert and cryptocurrency analyst with nearly a decade of experience in the field. He began his career in the tech sector, where his fascination with distributed ledger technologies led him to specialize in blockchain. Thibault has been involved in numerous international projects, including the development of blockchain platforms for various industries. His expertise spans smart contracts, blockchain governance, and the broader implications of blockchain for global finance. As a contributor to DT NEWS, Thibault delivers insightful commentary and detailed analysis of global trends in the cryptocurrency and blockchain sectors, providing readers with a deep understanding of this rapidly evolving space.
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