Bitcoin maintains its historic price trajectory, trading around $90,000. However, Singapore-based trading firm QCP Capital believes a drop in Bitcoin dominance below 58% could indicate the beginning of altcoin season. This follows Solana's significant performance over the weekend, surpassing Bitcoin and Ethereum.
Despite many investors remaining cautious as Bitcoin approaches the $100,000 benchmark, QCP Capital notes that Trump's election victory and Fed interest rate cuts could further catalyze altcoins. Altcoins traditionally excel when major cryptocurrencies stabilize post rallies, with BTC dominance needing to be near 58% to trigger altseason.
Historically, Bitcoin dominance has been rising, but altcoins like Solana, Cardano, and XRP have demonstrated recovery with expectations of a pro-crypto Trump administration. Analysts suggest BTC dominance might decrease by December, paving the way for altseason from late November to March 2025, even as BTC's price trajectory continues upward.
The altcoin market recently surpassed a key resistance level, suggesting altseason might occur sooner. As of now, Bitcoin trades at $91,760. The overall sentiment remains optimistic, considering various supportive geopolitical and economic factors favoring cryptocurrency growth in the near future.
