Bitcoin (BTC), which now accounts for less than 60 percent of the total market capitalization of cryptocurrencies, heralds that the altcoin season may be approaching.
Analyst filbfilb, In his post on March 29 He explained that the conditions have finally matured for altcoins to rise, with their aggregate market capitalization reaching almost $ 750 billion.
Bitcoin dominance declines
Addressing issues such as the spot price of the BTC / USD parity, the total market value of altcoins and the dominance of Bitcoin, filbfilb commented, “Altcoin season (the rise of altcoins in bulk)”.
This altcoin season, in which the maturation process took three years, has voided expectations for a wider altcoin rise so far.
Now, the consolidation of Bitcoin after reaching $ 61,700 gives altcoins the opportunity to rise.
Bitcoin’s market dominance dropped to 59.4 hundred, the lowest level seen since October 2020.
Visa’s announcement on Monday that it will support payments with USDC is also thought to trigger this rise. Following the Visa announcement, Ether (ETH) increased by 4.8 percent.
Cointelegraph Analyst Michaël van de Poppe also announced that he is looking forward to a summer in which altcoins will rise.
Bitcoin, on the other hand, started the day with a 4 percent rise and above $ 57,600.
Popular Twitter account Rekt Capital, “We may have seen the bottom of the BTC price” He predicted.
“If this is the case, then BTC has bottomed for the second time this year after a two-week drop. The average correction day in 2017 was 16 days.”