Altseason Alert: Bitcoin Dominance Crumbles, Altcoins Primed

• Crypto markets are caught in an accumulation period at present.
• This week saw markets sell-off, with Bitcoin sinking to a new local price bottom.
• A strong bounce in altcoins adds to calls of an incoming altseason.

Bitcoin tumbled to a nine-week low this week following the Fed’s decision to leave rates unchanged. Although the leading cryptocurrency has since made a muted recovery, growing 1.4% over the last 24 hours, altcoins have largely outperformed. A handful of the top 100 tokens, including PEPE, Wormhole, and Arweave, posted double-digit gains.

Amidst this backdrop, Bitcoin Dominance (BTC.D) plummeted on Wednesday, which, coupled with altcoin overperformance, points to a potential altseason in the making.

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Bitcoin Dominance Tops Out

BTC.D took a significant dip on Wednesday, falling from 54.87% to 53.91%, marking a four-week low while adding to calls of an incoming altseason.

BTC.D daily chart per Trading View

Bitcoin’s crypto market dominance has been trending lower since recording a year-to-date high of 57% on April 13. This trend has caught the attention of YouTuber Scott Melker, who believed this may have been the local top for Bitcoin Dominance.

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Trader “Mikybull 　　Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.