RATE Group | Bitcoin Dominance Falls, Sparking Hopes For Crypto Market’s “Alt Season”
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Bitcoin Dominance Falls, Sparking Hopes For Crypto Market’s “Alt Season”

24 Apr Bitcoin Dominance Falls, Sparking Hopes For Crypto Market’s “Alt Season”

Posted at 12:48h in Bitcoin News by

  • Bitcoin’s market dominance is trending downwards since September 2019.
  • The crypto’s top rivals have posted better year-to-date returns after Coronavirus-induced sell-off in March 2020.
  • Top analysts have called for an altcoin season to begin this Q2.

The Bitcoin Dominance Rate, a ticker that tracks bitcoin’s market share against rivaling crypto tokens, has fallen from 73.02 percent to 64.66 percent in just seven months.

Each of bitcoin price rally since September 2019 saw its dominance heading higher but for a shorter timeframe. Traders lately used their bitcoin profits to purchase rival cryptocurrencies, shifting the capital weight from top to lower-ranking assets. That, as well as direct fiat inflows, helped many crypto tokens to register better gains than bitcoin.

In a research published in February 2020 – before the March crash – crypto exchange Binance wrote that it was seeing a spike in altcoin perpetual contracts following the bitcoin’s gains in January 2020. The firm…

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