Despite the drawdown in the price of Bitcoin — which some analysts say would result in a change of tides for altcoins — BTC dominance continues to tick higher. As of the time of writing this, the key market metric is approaching 70% for the first time in years, implying that once again, almost all cryptocurrency inflows are making their way into Bitcoin.Related Reading: Altcoin Anguish Continues as Bitcoin Bounces Back Reclaiming 70% Dominance
But, as time passes, an increasing number of traders have claimed that a so-called “altseason” is on its way.Bitcoin Dominance Hits Key Mark
In March 2017, the world was shown the power of “altseason” when thousands of what were then little-known crypto assets exploded. If you were to peruse a site like CoinMarketCap during that time — no, era — you would see countless seemingly random digital assets posting 50%+ or even 100%+ days. This occurred for big caps, not just small no-name cryptocurrencies.
In 2017’s mania, Ethereum, for instance, rallied from $10 to $1,400, making many cryptocurrency investors fortunes.
At the start of the altseason, Bitcoin dominance was around 70%.
According to a recent tweet from Bitcoin Birch, a founder at crypto startup Lunar, the last time this key metric flirted with this round level, the biggest altseason in history was kicked off shortly after, when BTC fell off a cliff relative to altcoins.
$BTC dominance about to break 70%
The last time it did that was March 2017, right before it fell off a cliff and the biggest ALT season in history kicked off…
— Bitcoin Birch
Altcoin Season on the Horizon? Bitcoin Dominance Hits Historical Reversal Point
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