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Home Technical analysis BTC

Here’s The Line Separating Bitcoin Dominance From Altcoin Season

Tony Spilotro by Tony Spilotro
1 month ago
in BTC
Reading Time: 3min read
bitcoin dominance altcoin season

Drawing a line in the sand. An old metaphor.

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For months, Bitcoin stole the show when it came to crypto, sucking the capital out of the altcoin market. Shortly after the top cryptocurrency started its pullback, profits began to flow back into altcoins that have since been soaring over the last month.

BTC dominance shows how down to the wire the fight between Bitcoin and altcoins has become. Just one line is left separating a continued surge into full-blown alt season, or the top cryptocurrency approaching total dominance.

BTC Dominance Hovers At Two-Thirds Market Share

Once upon a time, there was only one: Bitcoin. From Satoshi Nakamoto’s vision of a better form of digital money came vast digital universe filled with altcoins serving a variety of purposes.

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Cryptocurrencies are no longer just currencies; they are the building blocks of decentralized finance, a way to keep transactions private, and much more.

Bitcoin itself is still considered an experiment, but that stigma is disappearing by the day as institutions buy into the scarce asset as a safe haven. Altcoins, sans a few with present day utility, are still far more speculative, illiquid, volatile, and risky.

Related Reading | A Dangerous Technical Pattern In Bitcoin Is Back, And It Is Breaking Down

When Bitcoin and altcoins exploded into public view in 2017, the first-ever cryptocurrency’s longevity and adoption helped it weather the top crypto winter far better. From top to bottom, it fell 84%, but by comparison, altcoins dropped much further.

When this all happened, Bitcoin went from being the only kid on the block, to representing only 35% of the entire market share. But since then, altcoins have been in a downtrend against Bitcoin that is reaching a pivotal moment. And it’s all resting on just one line.

btc.d bitcoin dominance altcoin season

BTC.D is resting on a clearly important line | Source: CRYPTOCAP-BTC.D on TradingView.com

What Comes Next? Altcoin Season, Or Total Bitcoin Dominance?

Intraday price action matters, but the higher the timeframe, the more dominant a chart’s signals. Even BTC.D, a measure of Bitcoin’s dominance against all other altcoins, behave in this manner.

BTC.D is currently resting on almost exactly two-thirds dominance. The line on monthly timeframes highlights why the level is so important.

Related Reading | Altcoin Expert: Buy Crypto That Holds Up During Bitcoin Breakdown

The zone first acted as resistance after Bitcoin topped in 2017, and again in 2019. Support couldn’t hold, but dominance broke back through, and is now retesting the clearly critical line as support once again.

If dominance holds, we could soon see a future of total Bitcoin dominance, reaching levels of 80% or more. If support can’t hold, another, more profitable altcoin season is the likely result.

Whichever direction is chosen will dramatically alter the market share of cryptocurrencies for the foreseeable future.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: Altcoin Seasonaltcoinsbitcoinbitcoin dominancebtcbtc.dbtcusdBTCUSDTcryptocryptocap-btc.dxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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