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The wait for the Altcoin season continues while the cryptography market always shows signs of lower movement. The expectations are high that the Altcoin market will start to rally soon, but not everyone is optimistic that the Altcoin season arrives. One of them is the market analyst and the Stockmoney expert lizards, who said that it would not happen soon.
The Altcoin season does not occur soon
In an article X (formerly Twitter), Stockmoney Lizards informed their more than 160,000 subscribers than the The Altcoin season could not happen anytime soon. The analyst said he was “not even close at a distance”, pointing to the Rising Bitcoin Dominance Like the reason why the Altcoin season is still far away.
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Analyzing the graph, the market expert explains that despite the decrease in the domination of Bitcoin by around 2%, this still does not mean much. Indeed, domination is still very strong and continues to exchange inside the canal. This channel also represents a possible increase in the domination of Bitcoin from here, which would be detrimental to altcoins.
So far, the domination of Bitcoin has also managed to maintain above 65%. Although it is not the highest that it has ever been, it is always incredibly high, the previous Altcoin seasons would not have taken place until domination has dropped around 40%. The analyst does not entirely exclude the possibility of an Altcoin season, saying that she will always come. However, for the moment, Bitcoin continues to dominate, because he explains that “the BTC is the measure of all things”.
Altcoin domination reaches the levels of 2021
While the domination of Bitcoin has increased and the dominance of Altcoin has fallen, they have gone to levels that have not been seen for years. For example, the last time the domination of the bitcoin was greater than 65% was back in 2021 before crashing to inaugurate the Altcoin season, according to data from CoinMarketCap.
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Worse still, Ethereum domination, which fell to 5 years old. Sitting at only 8%, it is now at levels recorded in 2020 before the market bounces from COVVI-19 crash. It has a lot decreased Ethereum’s capacity to remove the Altcoin market With that.
In the same vein, Altcoin dominance, excluding Ethereum, has now fallen to 26%. The last time the domination of others was as low in 2021. However, it was just at the start of the Altcoin season, suggesting that the current market could be in Cusp of another Altcoin race.
Nevertheless, for a sustainable Altcoin season, the domination of Bitcoin must first crash. By going through what happened in 2017 and 2021, aat least one 40% accident in the domination of Bitcoin is necessary to inaugurate the Altcoin season.
Getty Images star image, tradingView.com graphic