Bitcoin's dominance in the market has decreased by 2% after peaking at a two-year high, while altcoins’ combined market capitalization has surged, indicating a shift in investor interest.
Despite the increase, TOTAL2 has seen a steady decline, with momentum indicators such as MACD showing a decrease in buying pressure over recent days.
The slowing market activity stems from traders waiting for a significant catalyst to trigger a bullish trend in the final quarter of the year.
Elder-Ray Index bars, though green, have diminished in size, suggesting weakening strength from the bulls in the market.
The Parabolic Stop and Reverse indicator flipped, indicating a potential downtrend.
According to Blockchain Center's data, fewer than 75% of the top 50 altcoins have outperformed Bitcoin in the last 90 days, indicating that the altcoin season hasn’t fully commenced yet.
