Bitcoin dominance, which can be used as a market-wide confidence index, is on a steady decline. At the beginning of 2017, the top-ranking cryptocurrency commanded nearly 90% of the crypto market. That number has been gradually decreasing. The trend is expected to continue for the foreseeable future, according to a cryptoanalyst GalaxyBTC. He stated altcoins are about to break out of long-term downtrend resistance. The analysts added that the ‘altseason’ is at hand.
Altcoins such as Ripple (XRP) and Ethereum (ETH) has plunged more than their older sibling, Bitcoin (BTC). Bitcoin had dropped more than 85% of its value from its all-time in 2017. On the other hand, Ripple (XRP) and Ethereum (ETH) have each declined by over 90% from their all-time highs.
Even so, according to a chart shared by GalaxyBTC, the altcoin market cap has been on a steady rise since January 2018. If the data is to go by, the altcoin season is imminent.
Bitcoin dominance to fall below 30%
GalaxyBTC is sure that the dominance of Bitcoin in the crypto market will fall beneath 30%.
Build up $BTC domination
Rinse and repeat.
Furthermore, it looks like the weaker the dominance uptrend, the longer the altseason and so far this one is the weakest.
Expecting dominance to fall under 30% and the longest altseason to date.
While Galaxy strongly believes Bitcoin will soon lose its status as the top dog, other analysts think it is not easy to overtake Bitcoin.
Barry Silbert, the chief executive of Digital Currency Group, once said he would be cautious to invest in alternative coins. He remarked:
“Almost every ICO was just an attempt to raise money, but there was no use for the underlying token… The vast majority of what’s out there will be eliminated.”
With that said, it remains to be seen whether Bitcoin will lose its status to altcoins.