Bitcoin (BTC) now accounts for less than 60% of the total cryptocurrency market capitalization, heralding the arrival of “alt season 2.0.”
In a tweet on March 29, analyst Filbfilb, co-founder of trading suite Decentrader, announced that conditions were finally right for a fresh altcoin surge as their total market capitalization is hitting new highs of nearly $750 billion.
Altcoin market capitalization. Source: CoinMarketCap
Bitcoin dominance at its lowest since October 2020
Highlighting the current BTC/USD spot price, the combined altcoin market cap in U.S. dollars and Bitcoin’s market cap dominance, Filbfilb summarized the market in what will be music to the ears of altcoin traders everywhere.
“Alt szn,” he commented, conjuring a common nickname for the phenomenon of altcoins rising when Bitcoin cools or consolidates after a price surge of its own.
“Alt season” has been a full three years in the making. As Cointelegraph reported, expectations of a broad altcoin resurgence have long been high but ultimately left unfulfilledTitle: When ‘alt season?’ Now, says analyst as Bitcoin dominance hits 6-month low
Sourced From: cointelegraph.com/news/when-alt-season-now-says-analyst-as-bitcoin-dominance-hits-6-month-low
Published Date: Mon, 29 Mar 2021 16:30:00 +0100