At the time of writing the price of Dogecoin has risen by 50% in the space of 24 hours possibly triggering an altcoin season that will blow all other altcoin seasons out of the water. The current market cap of the entire crypto industry is now worth $2.32 trillion with most of the coins in the top 100 seeing some sort of gains in the last few days.
Coins such as Chainlink, Litecoin, and Dash are all surging at the moment with many technical analysis experts believing that this is just the start of the fun. Bitcoin, however, is still performing well but when compared to the rest of the market it currently looks like a very unappealing buy.
How Low Can Bitcoin Dominance Fall To?
As we all know Bitcoin is king and has a large say in how the rest of the market performs. A few weeks ago the overall percentage of Bitcoin in relation to the market fell below 50% for the first time in three years and currency stands at 45%. One technical expert Tyler S believes that at some point Bitcoin dominance will be as low as 35%. Stating that his prediction will not even be shocking for many as there are those who expect this number to be much lower.
This doesn’t however make the price of Bitcoin irrelevant. If Bitcoin fell considerably this would, unfortunately, have an effect on the rest of the market. In an Altcoin season, however, it is actually preferable when Bitcoin remains stable as supposed to seeing continuous gains. This is because when a large amount of money is being pumped into Bitcoin, it ultimately leaves less money to be pumped into Altcoins.
With Altcoin season either here or around the corner many traders are now turning their attention away from Bitcoin and are topping up on their favorite altcoins.