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Since the inception of cryptocurrency, Bitcoin has dominated the market, but in recent years, the king coin has begun to lose its hegemony. Following that setback, altcoins began to gain traction, with several prominent cryptocurrencies reclaiming BTC’s lost share. However, the question here is when, if ever, we should expect an alternate season. The solution to that query, on the other hand, isn’t all that complex.
The Bitcoin Dominance
2017 was the year that the crypto markets began to see the potential of altcoins and began producing and pushing more of them. What was the end result? Bitcoin’s market share began to sway. That same year, three altseasons occurred at separate times.
When we look ahead to 2021, we can see a similar trend emerging this year as well. At the start of this year, Bitcoin owned a 71 percent share of the crypto market, while altcoins (excluding the top ten cryptocurrencies) maintained only a 10 percent share. This percentage has steadily declined since then, with BTC’s dominance dropping to 40% at the end of May and altcoins rising to 23%.
Even the top ten cryptocurrencies’ altcoins have made consistent advances in acquiring market share. The most visible of them is Ethereum, which has continued to climb over the year and currently owns over 17.3 percent of the market. Bitcoin [BTC], Ethereum [ETH], Binance [BNB], Cardano [ADA], and XRP account for more over half of the market. These coins have a combined market share of 69.84 percent. The movement of the coins sets the tone for the remainder of the coins.
The reason these figures are essential is to address the issue we discussed before. And the answer is true, the cryptocurrency season is not only going to start, but it is only approximately 20 days away from press time.
For the altseason to arrive, the market must witness a positive turnaround in Bitcoin. Despite the recent drop, the coin appeared to be quite hopeful. A positive reversal would occur if and when the currency continues to increase and perhaps breaks past the resistance levels.
“Bitcoin is following the Wyckoff accumulation pattern pretty dang close… Getting back to $50k will be a confirmation that the bull is back and altseason is back on.”
According to him, based on the Wyckoff pattern that is now forming, the breach required for the altseason to come is likely to occur around July 10. This would be the year’s first altseason. This trend is similar to 2017, when the first altseason arrived in July as well.
This year’s market has witnessed numerous ups and downs in the value of the leading coins. Surprisingly, all of the leading cryptocurrencies performed considerably better than Bitcoin. Even if the May 17 drop halted the most of their bull run, the altseason would undoubtedly send them back up.