Rising Bitcoin Dominance Above 64% Dashes Hopes Of Altcoin Season, Here’s Why
Bitcoin dominance has surged above 64%, with expectations for continued growth as institutional investors accumulate Bitcoin. The likelihood of an altcoin season is diminishing due to significant selling pressure on many altcoins, which are facing large unlocks and downtrending momentum. A recent short squeeze on Ethereum failed to sustain momentum, further reducing altcoin prospects. Analysts advise caution in altcoin investments, predicting most will underperform Bitcoin over time. Data indicates it remains Bitcoin season, as only ten of the top 50 altcoins have outperformed Bitcoin in the last 90 days. Another analyst believes an altcoin season will eventually occur but may take time, contingent on Bitcoin breaking out while dominance stays below 65%. Currently, Bitcoin is trading around $107,300.
