Altcoin Season Delay Extends as Bitcoin’s Dominance Rises to 57%
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The wait for an Altcoin Season, which seemed nearing an end in June, has been prolonged due to a market crash. Bitcoin’s dominance is increasing, delaying altseason further. The symmetrical triangle pattern suggests Bitcoin's dominance could rise from 55.49% to 57.90%.
Julio Moreno of CryptoQuant notes Bitcoin’s valuation metrics indicate possible further declines, echoing past market corrections. Investors should monitor these metrics for potential price corrections or bounces.
For an Altcoin Season to occur, 75% of the top 50 altcoins must outperform Bitcoin. Currently, only 5 of these assets are in the green, with 90% facing losses. Hence, an altseason in August is unlikely.
Source: beincrypto.com ↗
