Bitcoin Dominance Drops from 65% to 62% Amid Altcoin Season Expectations
Bitcoin's (BTC) dominance rate has decreased from 65% to 62% in one week, ending a five-month increase. This shift indicates a potential transition towards an altcoin season as investor interest appears to be moving toward alternative cryptocurrencies.
- The total crypto market cap rose from $2.90 trillion to $3.24 trillion.
- Joao Wedson, CEO of Alphractal, predicts a full-blown alt season may start in June.
- Wedson's altcoin season index shows that 37 out of 57 selected altcoins have outperformed BTC over the past 60 days.
- Despite BTC's anticipated drops, many altcoins are expected to maintain their recent price levels.
- CoinMarketCap's altcoin index, however, remains at 27, indicating a continuing "bitcoin season."