Bitcoin’s Dominance Plunge Longest in History; Alt Season Incoming?

The market capitalisation of Bitcoin (BTC) has been in a marked downtrend versus other digital assets for most of 2020. In fact, the leading cryptocurrency actually lost market share to the rest of the industry for the last 11 days.

Whilst not a record in terms of severity of the drops, it is in terms of duration. Some are interpreting the declining Bitcoin dominance as a sign of an impending altcoin rally.

Is Alt Season Here? Bitcoin Dominance Continues to Drop

As pointed out by the author of An Altcoin Trader’s Handbook, Nik Patel, BTC dominance has spent more than a week dropping consistently. In fact it has been in decline for all of February and much of January.

Bitcoin has now lost dominance for 11 consecutive days. This has literally never happened before. The previous record for consecutive days of decreasing dominance was 9 days, occurring between 9th March 2017 – 17th March 2017.

— Nik Patel (@cointradernik) February 11, 2020

Bitcoin dominance was as high as 68.35…