The dominance of Bitcoin is increasing, but it is quite obvious that prices are being driven back violently throughout the market. Most of the markets lost a lot of value, even though Bitcoin did not make a bearish impression until today.
In fact, the world’s leading cryptocurrency lost significant value today, indicating that there has been a small uptrend this morning that was somewhat neutral.With regard to the area of Altcoins the situation is even worse. So far, there is only one sub-market that has seen gains this week, the Stablecoin Tether. The remaining markets suffered a decline of 11 to 32 percent. This confirms once again how much these markets rely on Bitcoin, but they often struggle to survive on their own.
It’s obvious that the situation is not looking that good at the moment, as Ethereum, XRP, Litecoin and Bitcoin Cash have lost nearly 25 percent in value over the past seven days. This shows how important the world’s leading cryptocurrency is in its role. Compared to the decline in Bitcoin, all these losses are at least three times higher than those of Bitcoin. Just considering the fact that the bitcoin dominance is 65.6 percent, it seems unlikely that any of the old coins will trigger a significant increase in the near future.
The Altcoin season is upon us
There are analysts who say that there are signs that an Altcoin season is about to dawn. For example, a crypto advocate on Twitter has provided some technical evidence for this. According to own forecasts by The Crypto Dog, a Twitter user, Altcoin’s total market capitalization will increase by 50 percent.
He also predicted that the market capitalization for Altcoins could increase by 180 billion US dollars in a few months. Certainly most owners of Altcoins are waiting for that.