“Bitcoin dominance”, which refers to the dominance rate of Bitcoin in the total crypto money market, has decreased to around 40%.
While some commentators interpret this as an indication that bitcoin has lost its importance in the cryptocurrency market, others think that the money that has been declining from bitcoin has moved to altcoins and the expected altcoin season is near.
Peter Schiff, Bitcoin critic and president of Europac, made on Twitter in sharing: more than 16,000 Bitcoin dominance against many alternative cryptocurrencies from June 2018 for the first time since fell below 40%. He stated that “bitcoin is losing its advantage over other easily created cryptocurrencies with almost the same characteristics.” said.
According to a study published on TradingPlatforms on Dec. 27, bitcoin dominance falling to this level, It was stated that it could be the harbinger of the altcoin season.
An analyst named “Altcoin Sherpa” shared a chart showing that Bitcoin dominance has dropped by about 45% this year. He said that the altcoin season has been going on for a year.
Saying that it is “surprising” that so many institutional investors have come to the cryptocurrency market in the last 12 months, Genesis Trading’s executive Noella Achenson said in an interview with CNBC that institutional investors coming this year will play an important role in the growth of the cryptocurrency market.
According to on-chain data from Glassnode, wallets holding “short-term” bitcoins 32% in wallets of “long-term” bitcoin holders, although the 16% an increase was observed.
from Tradingview approach based on received datalight Bitcoin dominance, which has been in a downtrend for 2 months at the time of writing It’s around 40%.