Bitcoin Dominance Sliding Below This Level Could Signal Start Of Altseason, Trading Firm Says
Bitcoin (BTC) is trading in the low $90,000 range, with a potential altcoin season on the horizon if Bitcoin dominance (BTC.D) falls below a critical level. QCP Capital reported that Solana (SOL) surged over 17%, outperforming Bitcoin and Ethereum (ETH). Despite Bitcoin's rise toward $100,000, investor hesitance remains regarding an alt season. QCP Capital predicts that Donald Trump's potential election victory and Federal Reserve interest rate cuts could trigger this altcoin season. Currently, BTC.D is at 60.10%, having increased from 39.92% since November 2022, indicating that altcoins have underperformed Bitcoin. However, recent performance from altcoins like SOL, Cardano (ADA), and XRP suggests recovery. Analysts expect BTC.D to decline starting in December, with altseason potentially beginning in late November and lasting until March 2025. The altcoin market cap has surpassed a key resistance level, signaling that an altcoin season may be imminent.
