LONDON (IT BOLTWISE) – Recent volatility in Bitcoin dominance could signal an impending altcoin season, according to a crypto analyst. Despite a 5% decline in Bitcoin dominance over the past six months, market dynamics remain exciting. Experts speculate that traditional financial giants may be orchestrating price movements to position themselves strategically.
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The recent fluctuations in Bitcoin dominance suggest that an altcoin season may arrive sooner than many traders expect. According to crypto analyst Matthew Hyland, the BTC dominance chart has been showing a bearish bias for weeks, which could indicate an impending shift in favor of altcoins. Hyland emphasizes that the current recovery is merely a dead cat bounce in a downtrend.
In a separate video, Hyland suggested that the recent volatility in Bitcoin price was orchestrated by traditional financial giants. He believes Wall Street may have manipulated price movements to position itself strategically. This speculation increases uncertainty in the market and could affect the dynamics of altcoin prices.
Since May, Bitcoin dominance has fallen by 5.13% and currently stands at 59.90%, data from TradingView shows. This decline could be an indicator of an upcoming altcoin season, although other indicators continue to point to a Bitcoin-centric market. CoinMarketCap’s Altcoin Season Index is currently at 28 out of 100, indicating ‘Bitcoin Season’.
Some crypto experts expect the next altcoin season to be more selective and concentrated than previous market cycles. Maen Ftouni, CEO of CoinQuant, predicts that older cryptocurrencies with an exchange-traded fund (ETF) or the prospect of an ETF will attract the majority of capital during the next altcoin season. This could lead to a concentration of liquidity in certain areas, which could permanently change the market structure.
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