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Altcoins Take the Lead as Bitcoin Dominance Hits Multi-Year Lows
Bitcoin dominance has dropped below 40 percent since 2023 as investor flows shift toward altcoins showing stronger performance signals.
Technical charts show bullish divergence and rising volume on declines, suggesting a larger altcoin breakout is building fast.
Nearly all altcoins outpaced Bitcoin in just 48 hours, confirming early signs of a mini altcoin season gaining serious momentum.
According to Javon Marks' chart analysis, Bitcoin’s market dominance has declined since early 2023, opening the door for an altcoin breakout. Altcoins are starting to outshine Bitcoin in both performance and investor attention. As July progresses, altcoin momentum continues to accelerate. Multiple indicators suggest that a much bigger altcoin surge may be underway.
Bitcoin Dominance Weakens, Altcoins Rally
Before entering a downward trend, Bitcoin's dominance peaked in early 2023 at about 50%. With lower highs and lower lows, a declining trendline supports this bearish pattern. The measure fluctuated in 2023 between 40% and 50%, but it was unable to overcome resistance.
Source: Javon Marks
By mid-2024, the decline intensified. Bitcoin's market share dropped below 40%, highlighting growing interest in alternative cryptocurrencies. Consequently, altcoins attracted strong inflows as new projects gained traction. Technical indicators painted a clear picture. While dominance moved lower, the oscillator formed higher lows. This bullish divergence often signals an upcoming trend reversal.
Altcoin Season May Have Quietly Begun
Moreover, trading volume surged during downward moves in Bitcoin dominance. This confirms the strength behind the selloff. At the same time, RSI showed oversold conditions, especially in late 2024. Despite temporary bounces, Bitcoin couldn't shake off the bearish pressure.
Currently, Bitcoin dominance is hovering near multi-year lows. The chart hints at a double bottom forming around 37%, though confirmation is still pending. Besides, analysts believe a broader altcoin rally may already be unfolding.
Joao Wedson, a market observer, pointed out that nearly 98% of altcoins outperformed Bitcoin in just 48 hours. He argues this surge signals a “mini altcoin season” already in progress. However, he emphasizes that the real altcoin season might have only just begun.
The post Altcoins Take the Lead as Bitcoin Dominance Hits Multi-Year Lows appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.