According to data from CoinGecko, the dominance index of the first cryptocurrency fell to 48.57%. The indicator was last at this level at the end of March 2019.
Historically, the decline in Bitcoin’s market share to less than half of the total cryptocurrency capitalization marks the start of the altcoin season.
Since the beginning of the year, digital gold has risen in price by about 90%. On April 14, the price set an all-time high above $ 64,000. After a sharp drop on April 18, the flagship is trading at around $ 55,000.
The largest altcoins have shown higher returns in recent months. On April 22, the Ethereum price broke through the $ 2,600 mark, the asset has risen in price since the beginning of the year by almost 3.5 times.
Over the past weeks, quotes of Binance Coin, Bitcoin Cash, Dogecoin and other coins have climbed to record levels.
Earlier, investment director of Guggenheim Partners Scott Minerd said about a possible correction of bitcoin to the levels of $ 20,000- $ 30,000. In the long term, he has no doubts about the flagship.
JPMorgan strategist Nikolaos Panigirtzoglu also warned about the likelihood of a deep correction in the price of the first cryptocurrency. At the same time, the bank considers the long-term target of quotations to be $ 130,000.