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bitcoin dominance altcoin season

Bitcoin Dominance Aims At Historic Lows, Unprecedented Altcoin Season Potentially Ahead

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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While Bitcoin continues to take a beating in terms of dollars, the top cryptocurrency also continues to lose its share over the market cap. In fact, with the most recent support level breached, BTC dominance could be targeting historic lows.

Historic lows in BTC dominance could mean that an altcoin season unlike ever before is potentially ahead. Here’s a closer look at the metric that weighs Bitcoin against the rest of the crypto space and how it could impact altcoin performance.

Bitcoin Continues To Lose Cryptocurrency Market Dominance

At one point, there was only Bitcoin. As the industry grew, a metric was born called BTC dominance that made it more clear how much weight the top coin had compared to the rest of the market.

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Prior to 2017, Bitcoin accounted for as much as 95% of the entire cryptocurrency market, but fell to a low of 35% less than a year later during what is considered to be the greatest altcoin season on record.

Related Reading | 2022: The Year The Secular Bitcoin Bull Run Could End

After reaching such extremes in 2018, by 2020, Bitcoin had recovered more than two-thirds of the market cap. Dominance topped out near 70% where it sharply reversed all throughout 2021.

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At the close of the 2021 yearly candle, a several year trading range was officially breached. The well defined range is even more visible in the six-month BTC.D chart. And it could create the conditions necessary for an unprecedented altcoin season.

BTC.D_2022-01-04_12-56-23

The yearly (left) and six-month (right) BTC.D chart | Source: CRYPTOCAP-BTC.D on TradingView.com

Unprecedented Altcoin Season Could End At 32% Dominance

With a decisive close on high timeframes, lower timeframe patterns could provide clues as to where dominance might bottom out once again.

Related Reading | Bitcoin Falls Flat: Examining A Rare Bull Market Corrective Pattern

The target of a head and shoulders top sent BTC.D to the dashed line, reinvigorating altcoins but still falling short of the mania seen during the 2017/2018 peak.

BTC.D_2022-01-04_13-03-42

A descending triangle could target 32% dominance | Source: CRYPTOCAP-BTC.D on TradingView.com

With a potential descending triangle breaking down, the measure rule would make the target of the structure around 32% dominance. The target would suggest a move beyond the former historic low set years ago – and create the atmosphere needed for the aforementioned altcoin season mania.

But it all could come at the expense of Bitcoin and its undisputed reign as the number one cryptocurrency by market cap.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: altcoinsbitcoinbitcoin dominancebtcbtc.dcryptoethereumtether
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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