Bitcoin Dominance Falls Below 50% For The First Time In Three Years

Some hours ago, according to data obtained from Coingecko.com, the Bitcoin dominance fell below 48% as the crypto market slightly fell below the $2 trillion market capitalization. The last time the Bitcoin dominance, a metric which measures the market share of Bitcoin relative to the entire crypto market, broke below 50% was in 2018 during the most epic altseason in the history of the crypto market.

Therefore, today is a milestone for the entire altcoin market because the crash in the Bitcoin dominance indicates only one thing, that there is an ongoing massive flow of money from Bitcoin into altcoins. And this assumption appears not to be far from the truth as Ethereum, if you like say coincidentally, also reached its highest Satoshi value in three years. Indeed, we might be up for a mega altseason in the few months ahead if history repeats itself.

Another noteworthy observation is that at the peak of the last altseason the Bitcoin dominance fell to about 35%, during which several altcoins, led by Ethereum, made historical parabolic moves which would then mark the peak of the bull market.

In the few months ahead, many likely believing it to be on or before the beginning of fall this year, the crypto market will reach its peak with the Bitcoin dominance crashing even further as altcoins takeover the centre stage. In this regard, a fall of the Bitcoin dominance below 40% might signal that the market is on the verge of peaking.

At any rate, things might not happen exactly as it did play out in the previous bull market due to the involvement of institutional investors who now have some level of grip on the market. It will be pretty interesting to see how things play out in the coming days.

Posted Using LeoFinance ^Beta