{"id":394678,"date":"2019-08-31T12:00:48","date_gmt":"2019-08-31T12:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=394678"},"modified":"2024-06-11T13:24:56","modified_gmt":"2024-06-11T13:24:56","slug":"altcoin-season-altseason-bitcoin-dominance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/altcoin-season-altseason-bitcoin-dominance\/","title":{"rendered":"Altcoin Season on the Horizon? Bitcoin Dominance Hits Historical Reversal Point"},"content":{"rendered":"<p>Despite the drawdown in the price of <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> \u2014 which some analysts say would result in a change of tides for altcoins \u2014 BTC dominance continues to tick higher. As of the time of writing this, the key market metric is approaching 70% for the first time in years, implying that once again, almost all cryptocurrency inflows are making their way into Bitcoin.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/08\/26\/altcoin-anguish-continues-as-bitcoin-bounces-back-reclaiming-70-dominance\/\">Altcoin Anguish Continues as Bitcoin Bounces Back Reclaiming 70% Dominance<\/a><\/h6>\n<p>But, as time passes, an increasing number of traders have claimed that a so-called &#8220;altseason&#8221; is on its way.<\/p>\n<h2><strong>Bitcoin Dominance Hits Key Mark<\/strong><\/h2>\n<p>In March 2017, the world was shown the power of &#8220;altseason&#8221; when thousands of what were then little-known crypto assets exploded. If you were to peruse a site like CoinMarketCap during that time \u2014 no, era \u2014 you would see countless seemingly random digital assets posting 50%+ or even 100%+ days. This occurred for big caps, not just small no-name cryptocurrencies.<\/p>\n<p>In 2017&#8217;s mania, Ethereum, for instance, rallied from $10 to $1,400, making many cryptocurrency investors fortunes.<\/p>\n<p>At the start of the altseason, Bitcoin dominance was around 70%.<\/p>\n<p>According to a <a href=\"https:\/\/twitter.com\/BitcoinBirch\/status\/13618945\" rel=\"nofollow\">recent tweet from Bitcoin Birch<\/a>, a founder at crypto startup Lunar, the last time this key metric flirted with this round level, the biggest altseason in history was kicked off shortly after, when BTC fell off a cliff relative to altcoins.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> dominance about to break 70%<\/p>\n<p>The last time it did that was March 2017, right before it fell off a cliff and the biggest ALT season in history kicked off&#8230;<\/p>\n<p>&mdash; Birch (@BitcoinBirch) <a href=\"https:\/\/twitter.com\/BitcoinBirch\/status\/13618945?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 30, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Indeed, in March began a sharp downtrend in Bitcoin dominance, which ended when the figure hit some 32% in early-2018. Youch.<\/p>\n<p>There&#8217;s no saying that the same will happen again. But, there are other signs pointing towards an impending resurgence for altcoins \u2014 or at least a lull in the bloodbath.<\/p>\n<p>As <a href=\"https:\/\/wncen.com\/2019\/08\/22\/bitcoin-analyst-altcoin-carnage-may-end-why\/\">reported by NewsBTC previously<\/a>, Adaptive Capital partner and analyst Willy Woo believes that altcoins may soon find some support against Bitcoin. He posted the below image on Twitter, which shows that the altcoin capitalization-to-Bitcoin capitalization ratio and the altcoin market volume-to-Bitcoin market volume indicators are currently \u201cheading into a region of support.\u201d<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/ECgndZRXsAE6O37.jpg:large\" width=\"1000\" height=\"693\"><\/p>\n<p>Indeed, as the Bitcoin-centric Adaptive Capital partner chart depicts, the two aforementioned indicators are currently poised to encounter two key lines of historical support. Should history repeat itself, altcoins should bounce in the coming months, potentially to kick off what crypto traders call an \u201caltseason\u201d.<\/p>\n<p>Also, last week the TD Sequential indicator flashed a sell nine candle for the one-week Bitcoin dominance chart.<\/p>\n<h2><strong>Will There Really be An Altseason?<\/strong><\/h2>\n<p>While these indicators are pointing towards an altseason, NewsBTC would be remiss not to talk about the other side of the story.<\/p>\n<p><a href=\"https:\/\/twitter.com\/RyanBelcherDMP\/status\/25989889\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Responding to an inquiry\u00a0<\/a>about altcoins, Anthony \u201cPomp\u201d Pompliano, a partner of Morgan Creek Digital, wrote that he believes \u201calmost every single one will eventually be worthless because there will be no liquidity and they will get delisted from exchanges.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">When will my altcoins skyrocket Pomp ??<\/p>\n<p>&mdash; OrionSolar (@RyanOrionSolar) <a href=\"https:\/\/twitter.com\/RyanOrionSolar\/status\/25989889?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 24, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Indeed, over recent months, exchanges begin a mass process to purge lower-quality\/non-popular crypto assets. Bittrex, for instance, has delisted some 50 altcoins for U.S. clients this year; the SEC has ramped up its attacks on this sector; and Binance&#8217;s flagship platform, which supports a swath of cryptocurrencies, has decided to pull out of the U.S.<\/p>\n<p>Also, data shows that the altcoin market remains very illiquid. <a href=\"https:\/\/wncen.com\/2019\/08\/22\/altcoins-bleed-whenever-bitcoin-lingers-around-10k-level\/\">Arcane Crypto found<\/a> that if you measured a cryptocurrency\u2019s dominance by weighting the market capitalization of all cryptocurrencies against their trading volume, \u201cBitcoin\u2019s market dominance is pushed well above 90%.&#8221;<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Despite the drawdown in the price of Bitcoin \u2014 which some analysts say would result in a change of tides for altcoins \u2014 BTC dominance continues to tick higher. As of the time of writing this, the key market metric is approaching 70% for the first time in years, implying that once again, almost all cryptocurrency inflows are making their way into Bitcoin. Related Reading: Altcoin Anguish Continues as Bitcoin Bounces Back Reclaiming 70% Dominance But, as time passes, an increasing number of traders have claimed that a so-called &#8220;altseason&#8221; is on its way. Bitcoin Dominance Hits Key Mark In March 2017, the world was shown the power of &#8220;altseason&#8221; when thousands of what were then little-known crypto assets exploded. If you were to peruse a site like CoinMarketCap during that time \u2014 no, era \u2014 you would see countless seemingly random digital assets posting 50%+ or even 100%+ days. This occurred for big caps, not just small no-name cryptocurrencies. In 2017&#8217;s mania, Ethereum, for instance, rallied from $10 to $1,400, making many cryptocurrency investors fortunes. At the start of the altseason, Bitcoin dominance was around 70%. According to a recent tweet from Bitcoin Birch, a founder at crypto startup Lunar, the last time this key metric flirted with this round level, the biggest altseason in history was kicked off shortly after, when BTC fell off a cliff relative to altcoins. $BTC dominance about to break 70% The last time it did that was March 2017, right before it fell off a cliff and the biggest ALT season in history kicked off&#8230; &mdash; Birch (@BitcoinBirch) August 30, 2019 Indeed, in March began a sharp downtrend in Bitcoin dominance, which ended when the figure hit some 32% in early-2018. Youch. There&#8217;s no saying that the same will happen again. But, there are other signs pointing towards an impending resurgence for altcoins \u2014 or at least a lull in the bloodbath. As reported by NewsBTC previously, Adaptive Capital partner and analyst Willy Woo believes that altcoins may soon find some support against Bitcoin. He posted the below image on Twitter, which shows that the altcoin capitalization-to-Bitcoin capitalization ratio and the altcoin market volume-to-Bitcoin market volume indicators are currently \u201cheading into a region of support.\u201d Indeed, as the Bitcoin-centric Adaptive Capital partner chart depicts, the two aforementioned indicators are currently poised to encounter two key lines of historical support. Should history repeat itself, altcoins should bounce in the coming months, potentially to kick off what crypto traders call an \u201caltseason\u201d. Also, last week the TD Sequential indicator flashed a sell nine candle for the one-week Bitcoin dominance chart. Will There Really be An Altseason? While these indicators are pointing towards an altseason, NewsBTC would be remiss not to talk about the other side of the story. Responding to an inquiry\u00a0about altcoins, Anthony \u201cPomp\u201d Pompliano, a partner of Morgan Creek Digital, wrote that he believes \u201calmost every single one will eventually be worthless because there will be no liquidity and they will get delisted from exchanges.\u201d When will my altcoins skyrocket Pomp ?? &mdash; OrionSolar (@RyanOrionSolar) August 24, 2019 Indeed, over recent months, exchanges begin a mass process to purge lower-quality\/non-popular crypto assets. Bittrex, for instance, has delisted some 50 altcoins for U.S. clients this year; the SEC has ramped up its attacks on this sector; and Binance&#8217;s flagship platform, which supports a swath of cryptocurrencies, has decided to pull out of the U.S. Also, data shows that the altcoin market remains very illiquid. Arcane Crypto found that if you measured a cryptocurrency\u2019s dominance by weighting the market capitalization of all cryptocurrencies against their trading volume, \u201cBitcoin\u2019s market dominance is pushed well above 90%.&#8221; Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":393011,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[134,428,6664],"class_list":["post-394678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-altcoin","tag-bitcoin","tag-crypto"],"acf":[],"yoast_head":"\n<title>Altcoin Season on the Horizon? Bitcoin Dominance Hits Reversal Point<\/title>\n<meta name=\"description\" content=\"Despite the drawdown in the price of Bitcoin \u2014 which some analysts say would result in a change of tides for altcoins \u2014 BTC dominance continues to tick\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/altcoin-season-altseason-bitcoin-dominance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Altcoin Season on the Horizon? 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