Bitcoin Dominance Increases to 64.7% Amid Market Liquidations
Bitcoin's price has decreased from $110K to below $103K, yet its dominance has increased, indicating limited prospects for an altcoin season. The ongoing Iran-Israel conflict contributed to over $1 billion in liquidations across the crypto market.
Key points:
- Bitcoin corrected 5% to under $105K.
- Altcoins like Ethereum, XRP, Dogecoin, and Cardano fell by 5-10%.
- Bitcoin dominance rose from 63.8% to 64.7%.
Altcoin Season Outlook
No strong catalysts suggest a forthcoming altcoin season, though some analysts expected a drop in Bitcoin dominance as a trigger. Merlijn The Trader noted similarities between current trends and those of 2021, suggesting a potential altcoin season may emerge.
He indicated that past seasons were speculative, whereas future growth will depend on utility.
Liquidation data shows over $600M lost, primarily in long positions.
Bitcoin's Continued Dominance
Benjamin Cowen observed a decline in the ALT/BTC ratio from 0.34 in May to 0.32, predicting it may fall to 0.25 in the long term. He pointed out that most altcoins have short-lived success and struggle to maintain top rankings across market cycles.