Bitcoin (BTC) price slid below $50,000 again earlier today and currently trading at $49,875, however, the market dominance of the top cryptocurrency dropped to a near four-year low. BTC dominance fell to 37.18% which is the lowest since February 2018, as per Coingecko data. This is the biggest plunge for the top cryptocurrency in a bull market.
During the mid-year market crash in May-June, BTC flirted closely with the 40% mark and was on the verge of tipping below, but managed to make a recovery when the bulls arrived again. However, the BTC dominance had recovered above 40% at the time of writing and was at 40.42%.
A decline in Bitcoin’s market dominance is often seen as a perfect opportunity for an altcoin season. The alt-season often comes after a massive BTC rally and if we compare to the 2017 bull run, the alt-season arrived in 2018 after BTC hit its all-time high of near $20K by the end of December 2017.
Is Alt Season Around the Corner?
Bitcoin pundits had predicted a bullish final quarter and gave a price target of near $100,000 for the top cryptocurrency. However, a major flash crash at the start of the month saw the whole crypto market lose nearly 20% of its market share and all price targets went out of the window. Ethereum (ETH) was the fastest to the recovery, especially against BTC.
The ETH/BTC pair continues to surge to new highs and currently trading at 0.088, a multi-year high, despite the market downtrend, thus ETH could very well lead the alt-season in the coming months. ETH is currently trading at $4,391 and only 9% short of its ATH of $4,859.
The ETH/BTC pair hit the highest of 0.156 in 2017, and it is currently short by 50% from that level, but looking at the declining BTC dominance, the pair could eye reaching the high point in the coming months. Other major altcoins have made a good recovery from the December first week flash crash and looking set to build a rally.
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