The price of Bitcoin (BTC) has fallen significantly over the past few days, losing critical support levels.
Let’s figure out what to expect from the BTC and altcoin dominance index in the coming days.
Bitcoin Dominance Is Decreasing
This week, the leading cryptocurrency lost the psychologically important level of $60,000. This led to a significant drop in the dominance index, which had been growing continuously since the beginning of this year. The indicator currently stands at 54.70%.
Bitcoin Dominance. Source: TradingView
The fall of BTC led many participants to assume that the start of the altcoin season is just around the corner. However, during the fall of Bitcoin, most altcoins also dropped significantly, and several even updated historical minimums.
Looking at the dynamics of the top 50 altcoins, we can see that only 13 coins have surpassed BTC. Usually, at least 75% of these 50 tokens need to do so to start the altcoin season.
Performance of Top 50 Altcoins. Source: BlockChain Center
When will altcoin season start
The Alt Season Index shows that Bitcoin is still ruling the market. The index ranges from 0 to 100, with values below 25 signaling BTC season. It currently stands at 24.
Altcoin Season Index. Source: BlockChain Center
Last time, it took the market about three months to transition from Bitcoin season to altcoin season. If history repeats itself, altcoins will likely only begin to really rally in October.
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Source: Cryptocurrency
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