As the US Presidential Election approaches, Bitcoin's dominance over the cryptocurrency market is increasing, dampening hopes for an upcoming altcoin season. Currently, Bitcoin dominance (BTC.D) sits at 59.77, its highest since April 2021, indicating a stronger market position relative to altcoins.
Significant capital inflows into Bitcoin exchange-traded funds (ETFs) align with this dominance rise, as these funds demonstrate escalating demand. This demand could propel Bitcoin's price to $100,000 by January 2025, according to digital asset research from 10X Research.
In contrast, the TOTAL2 market, representing all cryptocurrencies except Bitcoin, has had sideways movements since August. The lack of momentum in ALT's price and volume implies hesitancy among traders, further delaying an altcoin season.
Altcoin season would begin if 75% of top 50 altcoins surpass Bitcoin's performance over three months. However, only 29% have done so recently, showing that such a season is not imminent.
