According to CoinMarketCap.com the value of Bitcoin in relation to the rest of the market has fallen below 50% for the first time since 2018. At the time of writing Bitcoin is going through quite some dump as the price is now hovering around the $53k mark which now means the market cap for Bitcoin is once again below the 1 trillion dollar evaluation.
The fundamentals of Bitcoin do remain the same but the general consensus among technical analysis experts at the moment is that the next few weeks for Bitcoin are not going to be pretty and this might be the real catalyst for the altcoin season so many crypto enthusiasts are waiting for.
Ethereum Reaches New ATH
Despite the price of Bitcoin going through a bit of a rough time, Ethereum, the second-biggest cryptocurrency has finally broken through months of consolidation and has registered an all-time high. The price today reached $2600. This meant that the market value of Ethereum is $300 million.
Many experts believe that ETH during this bull run can reach $10k which would make the value of this coin somewhere very close to the $1 trillion mark. This is commonly viewed as a very like price target for the cryptocurrency since it is only a 4X from this point.
If Bitcoin continues to decline it is possible that the majority of altcoins will also go down but once the price of Bitcoin stabilizes this really could set off fireworks and lend itself to the biggest altcoin season in history.