How has BTC dominance affected ALTs? 1 month after publication!
Updated
A month ago the idea "BTC.D, dominance is going down! Is ALTSEASON coming soon?" was published. The price (%) began to fall after leaving the channel and testing it as resistance.
What is dominance? Bitcoin dominance is the ratio of the capitalization of the major cryptocurrency (BTC) to the total capitalization of cryptocurrencies. Simply put, % of Bitcoin's capitalization in the TOTAL capitalization of the crypto market (Bitcoin+Altcoins). Now it`s 42%.
When Bitcoin dominance falls, 99% of altcoins start to grow. This is also called an altseason. The longest altseasons with 10-100x for ALT`s happen during the end of Bitcoin bull market (2017, 2021), but during temporary corrections like this small altseasons also happen.
In one month, Bitcoin rose by 16% to $48,000. We see that 3/4 of altcoins have grown more than Bitcoin:
1. Cardano (ADA) +35%
2. Dogecoin (DOGE) +50%
3. Near Protocol (NEAR) +82%
4. Only BNB have grown as well as BTC +16%!
That's why it's important to pay attention to Bitcoin's dominance (BTC.D). It can be an additional indicator to open a trade!
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P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.
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