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The domination of Bitcoin is one of the most important factors of institutional engagement and mass acceptance. This metric also shows the likelihood of the altrally. According to Trading View, BTC’s domination stood at 45.3 percent at the time of publication. It was the first time Bitcoin’s domination dropped below 50%, pointing logically to the other side of the rainbow – the possibility of an altcoin season.
Since the beginning of the year, the Bitcoin Dominance rate (BTC.D) has been steadily declining.
Another crypto trader and popular analyst shared the same inclination towards the potential rise of ALT season in a series of tweets.
Lark Davis, a popular New Zealand-based crypto analyst supported his viewpoint on the same. According to him, 2021 altseason was going to be ‘much crazier’ than 2017 was. He tweeted 10 main points to support his hypothesis :
- There are now multiple blockchains running smart contracts applications that actually have users. 2017 was basically all about Ethereum.
- There have never been so many fiat on-ramps. Cashapp, Paypal, Robinhood, and all the crypto native exchanges. It has never been easier for retail to enter the market.
- So many working products. We have amazing defi platforms like Aave, Uniswap, and Synthetix. And dozens of newcomers.
- Bitcoin ETFs are coming to the USA. This will pump the entire market. Altcoins will have their final orgasmic blow-off top when Bitcoin tops. The higher BTC goes the bigger the altcoin blow-off top.
- Dogecoin shows that a lot of new money is flooding the market. Clear altcoin insanity indicator.
- Cardano smart contracts, Polkadot parachains, and ethereum moving to proof of stake and then 2.0.
- Token sale raises are way smaller with way more upside. Launchpads are changing the fundraising game.
- Ethereum layer two like Optimism and Polygon Matic will prevent insane bottlenecks on ETH making the premiere network more usable.
- VC money and institutional money are flooding the market. AZ16 just launched a billion-dollar crypto fund. Companies, families, offices, and funds buying altcoins already.
- Because if you survived the bear market of 18-19 then you f#@king deserve this!
Crypto analyst and Researcher, Secrets, too recently added an assessment, titled ‘Path to Altseason’ in his array of analyses. He stated:
Everyone wants to know where we are at in my “Path to Altseason” chart. We’re in the Phase 2-3 overlap. Large caps are starting to move. Phase 2 has heated up and we’re seeing early signs of Phase 3. PHASE 3 incoming!