This Surging Bitcoin Metric Suggests Altcoin Season Is Upon Us
Following a months-long tug-of-war between bulls and bears, Bitcoin Dominance, a metric tracking BTC’s market share relative to the entire crypto market, has surged to 64%.
According to crypto analyst Rekt Capital, increased dominance isn’t just a technical milestone but a precursor to a broader trend that could see the number one cryptocurrency command as much as 71% of the digital asset market.
A Reclaim with Historical Weight
Bitcoin Dominance isn’t just a percentage; it’s a pulse check on investor sentiment. When it rises, capital flows into BTC at the expense of altcoins, often indicating a “risk-off” approach or a bet on the flagship cryptocurrency as the market’s safe haven.
Rekt Capital’s analysis suggested that reclaiming 64% as support could mirror historical patterns where dominance climbed above 70%, a level last seen during Bitcoin’s 2021 bull run. “The road to 71% continues on successful retest of 64%,” the crypto investor stated.
Previously, in March and April, he outlined how BTC Dominance initially faced stiff resistance near its November 2024 highs before managing a breakthrough in late April. The successful retest of those levels into early May now marks the “final leg” of Bitcoin’s primacy, which, in the past, was followed by a sharp decline.
“Bitcoin Dominance is now in the process of positioning itself for what will most likely be its final leg in its Macro Uptrend before a major collapse,” stated the analyst.
Altcoin Season Incoming?
The expected reversal often triggers what the crypto community calls an “altcoin season.” During such periods, the rest of the digital asset market tends to outperform BTC, drawing significant investor interest.
At the time of writing, the king cryptocurrency’s share of the market stood at 63.8%, a heartbeat away from 64%. And if Rekt Capital’s prediction holds, then we could see a move to 71% within weeks, potentially setting the stage for a market rotation. ‘It is the Final Countdown,” the analyst wrote.
Bitcoin’s price has been on a sharp rebound since April when it dipped below $75,000. It is currently changing hands at $96,873, up a modest 0.6% in 24 hours and 3.2% over the past week, amid a wave of whale buying.
But not everyone is holding. As reported earlier, miners have offloaded nearly $850 million worth of BTC as they try to deal with post-halving revenue pressures.
The post This Surging Bitcoin Metric Suggests Altcoin Season Is Upon Us appeared first on CryptoPotato.
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This Surging Bitcoin Metric Suggests Altcoin Season Is Upon Us
Following a months-long tug-of-war between bulls and bears, Bitcoin Dominance, a metric tracking BTC’s market share relative to the entire crypto market, has surged to 64%.
According to crypto analyst Rekt Capital, increased dominance isn’t just a technical milestone but a precursor to a broader trend that could see the number one cryptocurrency command as much as 71% of the digital asset market.
A Reclaim with Historical Weight
Bitcoin Dominance isn’t just a percentage; it’s a pulse check on investor sentiment. When it rises, capital flows into BTC at the expense of altcoins, often indicating a “risk-off” approach or a bet on the flagship cryptocurrency as the market’s safe haven.
Rekt Capital’s analysis suggested that reclaiming 64% as support could mirror historical patterns where dominance climbed above 70%, a level last seen during Bitcoin’s 2021 bull run. “The road to 71% continues on successful retest of 64%,” the crypto investor stated.
Previously, in March and April, he outlined how BTC Dominance initially faced stiff resistance near its November 2024 highs before managing a breakthrough in late April. The successful retest of those levels into early May now marks the “final leg” of Bitcoin’s primacy, which, in the past, was followed by a sharp decline.
“Bitcoin Dominance is now in the process of positioning itself for what will most likely be its final leg in its Macro Uptrend before a major collapse,” stated the analyst.
Altcoin Season Incoming?
The expected reversal often triggers what the crypto community calls an “altcoin season.” During such periods, the rest of the digital asset market tends to outperform BTC, drawing significant investor interest.
At the time of writing, the king cryptocurrency’s share of the market stood at 63.8%, a heartbeat away from 64%. And if Rekt Capital’s prediction holds, then we could see a move to 71% within weeks, potentially setting the stage for a market rotation. ‘It is the Final Countdown,” the analyst wrote.
Bitcoin’s price has been on a sharp rebound since April when it dipped below $75,000. It is currently changing hands at $96,873, up a modest 0.6% in 24 hours and 3.2% over the past week, amid a wave of whale buying.
But not everyone is holding. As reported earlier, miners have offloaded nearly $850 million worth of BTC as they try to deal with post-halving revenue pressures.
The post This Surging Bitcoin Metric Suggests Altcoin Season Is Upon Us appeared first on CryptoPotato.
Read More
5 Signals That Show Most Bullish Bitcoin Setup Since 2020