{"id":213803,"date":"2021-03-29T18:30:00","date_gmt":"2021-03-29T15:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/when-alt-season-now-says-analyst-as-bitcoin-dominance-hits-6-month-low\/"},"modified":"2021-03-29T18:30:00","modified_gmt":"2021-03-29T15:30:00","slug":"when-alt-season-now-says-analyst-as-bitcoin-dominance-hits-6-month-low","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/when-alt-season-now-says-analyst-as-bitcoin-dominance-hits-6-month-low\/","title":{"rendered":"# When &#8216;alt season?&#8217; Now, says analyst as Bitcoin dominance hits 6-month low"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4113af733d0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4113af733d0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/when-alt-season-now-says-analyst-as-bitcoin-dominance-hits-6-month-low\/#Bitcoin_dominance_at_its_lowest_since_October_2020\" >Bitcoin dominance at its lowest since October 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/when-alt-season-now-says-analyst-as-bitcoin-dominance-hits-6-month-low\/#%E2%80%9CBottom_in%E2%80%9D_for_BTC\" >&#8220;Bottom in&#8221; for BTC?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># When &#8216;alt season?&#8217; Now, says analyst as Bitcoin dominance hits 6-month low <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) now accounts for less than 60% of the total cryptocurrency market capitalization, heralding the arrival of &#8220;alt season 2.0.&#8221;<\/p>\n<p>In a tweet on March 29, analyst Filbfilb, co-founder of trading suite Decentrader, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/filbfilb\/status\/1376520909666844677\/\">announced<\/a> that conditions were finally right for a fresh altcoin surge as their total market capitalization is hitting new highs of nearly $750 billion.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/752c96ba-2ac7-4da9-9a2e-e47173508a06.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Altcoin market capitalization. Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_dominance_at_its_lowest_since_October_2020\"><\/span>Bitcoin dominance at its lowest since October 2020<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Highlighting the current BTC\/USD spot price, the combined altcoin market cap in U.S. dollars and Bitcoin&#8217;s market cap dominance, Filbfilb summarized the market in what will be music to the ears of altcoin traders everywhere.<\/p>\n<p>&#8220;Alt szn,&#8221; he commented, conjuring a common nickname for the phenomenon of altcoins rising when Bitcoin cools or consolidates after a price surge of its own.<\/p>\n<p>&#8220;Alt season&#8221; has been a full three years in the making. As Cointelegraph reported, expectations of a broad altcoin resurgence have long been high but ultimately left unfulfilled.\u00a0\u00a0<\/p>\n<p>Now, however, with Bitcoin consolidating after hitting all-time highs of $61,700, circumstances <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to have played into traders&#8217; hands.<\/p>\n<p>At the time of writing, Bitcoin&#8217;s market cap dominance was 59.4%, its lowest since late October 2020.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/9eab9923-f574-4a5b-96f1-02e37d5c4d31.png\"><figcaption style=\"text-align: center;\"><em>Cryptocurrency market cap dominance chart. Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n<p>The latest catalyst is arguably Visa, which on Monday announced that it would support stablecoin USD Coin (USDC) for settlement, thus leveraging the Ethereum blockchain.\u00a0ETH\/USD saw a modest 4.8% uptick in response, with the market cap share of Ether (ETH), the largest altcoin, still in decline versus January.<\/p>\n<p>Zooming out, the foundations are nonetheless being laid for what Cointelegraph analyst Micha\u00ebl van de Poppe expects will be a &#8220;very bullish&#8221; summer for altcoins, particularly as the market capitalization has been breaking new highs, nearing $750 billion.<\/p>\n<p>&#8220;Ethereum is going to surprise everyone massively,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1376458600118374401\">wrote<\/a> about the Visa decision.<\/p>\n<p>Previous price forecasts for ETH\/USD have included $5,000 and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomichnl\/status\/1355629610608840704\">even $10,000<\/a> as a mid-term estimate.<\/p>\n<p><strong>&#8220;<\/strong>Altcoins look great,&#8221; fellow analyst Scott Melker <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1376524876408840199\">added<\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CBottom_in%E2%80%9D_for_BTC\"><\/span>&#8220;Bottom in&#8221; for BTC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For Bitcoin, meanwhile, signs of a bullish comeback remained muted Monday after markets hit the buffers at February&#8217;s all-time highs of $58,300.<\/p>\n<p>Intraday activity was nonetheless strong, with the pair up by over 4% in the past 24 hours.<\/p>\n<p>Among market participants, talk thus turned to whether last week&#8217;s bounce off $50,000 represented a definitive price floor in the ongoing consolidation period.<\/p>\n<p>&#8220;It could very well be that the BTC bottom is in,&#8221; popular <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> account Rekt Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1376497997090062339\">estimated<\/a> on Monday. <\/p>\n<blockquote><p>&#8220;If this is indeed the case, then this means that $BTC bottomed after a two-week retrace for the second time this year. Average Bitcoin retrace in 2017 was ~16 days.&#8221;<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/b68ad6f9-afe3-44ab-b319-ad3ce01f8d8d.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USD retracement chart. Source: Rekt Capital\/Twitter<\/em><\/figcaption><\/figure>\n<p>As of publication time, BTC\/USD circled $58,000, showing resilience in what is the start of its final resistance block before entering uncharted price territory once again.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/when-alt-season-now-says-analyst-as-bitcoin-dominance-hits-6-month-low\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# When &#8216;alt season?&#8217; Now, says analyst as Bitcoin dominance hits 6-month low &#8221; Bitcoin (BTC) now accounts for less than 60% of the total cryptocurrency market capitalization, heralding the arrival of &#8220;alt season 2.0.&#8221; In a tweet on March 29, analyst Filbfilb, co-founder of trading suite Decentrader, announced that conditions were finally right for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":213804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvMmU5MzY1NGQtZWI0Mi00Yzc2LTkzMzAtNTIxODUwYWNmZmNkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74862,74937,82402,74891,73785],"class_list":["post-213803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-bitcoin","tag-bitcoin-price","tag-ether-price","tag-ethereum","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/213803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=213803"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/213803\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/213804"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=213803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=213803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=213803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}