Earlier this year, it seemed like the crypto markets have entered into another Altcoin Season as BTC dominance has reached an 8-month low with a growing interest in the alternative cryptocurrencies.
However, this has changed during the past week with the vast majority of the altcoins heading in the opposite direction, which seems the start of the “Altcoin Un-season.”
Starting the year with a market share of 51.81%, Bitcoin’s dominance dropped to its lowest of 50.07% on April 2, 2019.
However, since April 10, BTC dominance has started to increase significantly, currently standing at 56%, which is a growth of almost six percent in a period of just a little over one month. At the same time, the market cap hadn’t changed significantly, this means that the altcoins were losing value not only against Bitcoin but also from their USD value.
Ripple: The ultimate loser
The second largest coin by market cap, Ethereum (ETH) had suffered moderate losses roughly 10% in the same period.
One of the biggest losers is Ripple that experienced a loss of another 2% only today. Ripple had a price tag of $0.35 and 9500 Satoshi as 2019 began, however, as of now, the coin almost lost 50% against Bitcoin whereas against the dollar the drop is approximately 20%, while XRP had recently dropped below $0.30.
Even Binance Coin (BNB), who was familiar as the king of the current Altcoin Season, is starting to show weakness: The current price is almost 20% far from the all-time high recorded not long ago.
Is this the end of the Altcoin Season?
While we can see that Bitcoin had a great month, especially the last two weeks following its price and dominance saw massive gains, most altcoins have suffered significant losses both by value and market share against BTC.
However, there were exceptions, such as Bitcoin Cash that has increased its market share by almost one percent. Also, some altcoin prices have grown against Bitcoin in the same period.
Therefore, we can’t say that Altcoin Season is over yet, especially by knowing that there were multiple cases when Bitcoin has started bull runs with altcoins following Bitcoin after some time and eventually increasing their market share. However, as the short history can tell, high volatility in Bitcoin’s price is not the best conditions for altcoins.
The post Altcoin Un-Season: BTC Dominance Surges To 56% While Altcoin Prices Drop Severely appeared first on CryptoPotato.