Bitcoin (BTC) now accounts for less than 60% of the total market value of cryptocurrency, which heralds the introduction of “alternative season 2.0”.
In a tweet on March 29, analyst Philbfilb, co-founder of the trading group Decentrader, announced that favorable conditions for the growth of new altcoins finally emerged as the company’s total market value reached a new high of close to $ 750 billion.
Altcoin market value. Source: CoinMarketCap
Bitcoin dominance is at its lowest since October 2020
By highlighting the current BTC / USD spot price, the overall market value of altcoins in USD and the dominant market value of bitcoins, Philbfilb summed up the market in a way that will be music to the ears of altcoin traders worldwide.
Alt szn commented on this using the popular moniker for the phenomenon of altcoin rise, where bitcoin cools or merges after a price increase.
“Alternative season” has been preparing for three full years. As Cointelegraph reported, expectations of returning to large digital currencies were high for a long time, but in the end it was short-lived.
But now that Bitcoin is consolidating after reaching a full-time high of $ 61,700, it seems that conditions are playing into the hands of traders.
At the time of writing, Bitcoin’s dominance is 59.4%, the lowest since the end of October 2020.
The graph of the dominance of the market value of the cryptocurrency. Source: CoinMarketCap
Perhaps the latest catalyst was Visa, which announced on Monday that it would maintain a stable dollar currency (USDC) for settlements, thus leveraging the Ethereum blockchain. In response, the ETH / USD increased 4.8% as the market share of Ether (ETH), the largest alternative currency, continued to decline from January.
Scaling down, however, lays the groundwork for what Cointelegraph analyst Michael Van de Pope predicts will be a “very optimistic” summer for altcoins, especially as market values hit new highs and approached $ 750 billion.
He wrote about the visa decision: “Ethereum will surprise everyone.”
Previous forecasts for the ETH / USD price included $ 5,000 to $ 10,000 as an average estimate.
Co-analyst Scott Melker added: “Altcoins look good.”
The bottom of Bitcoin?
Meanwhile, for Bitcoin on Monday, signs of a bullish comeback were still subdued after the markets reached a full-time high of $ 58,300 in February.
However, daily activity has been high, with the pair up more than 4% in the last 24 hours.
Thus, market participants discussed the question of whether the return from $ 50,000 last week is the last bottom of prices in the current consolidation period.
The popular Twitter account Rekt Capital commented on Monday: “It is very likely that the bottom of BTC is already there.”
“If this is true, it means that $ BTC fell two weeks after adjusting for the second time this year. The average adjustment for bitcoins in 2017 was around 16 days. “