The cryptocurrency market is on fire. The market capitalization has surged past $2 trillion for the first time in its history.
Interestingly enough, this was led mostly by alternative coins, or altcoins, surging in value. Bitcoin, on the other hand, failed to break above $60K on multiple occasions over the past month, giving serious merits to the notion that altcoin season 2021 is brewing.
In January this year, CryptoPotato reported that Secrets of Crypto, which is one of the well-known and respected cryptocurrency analysts, said the altcoin season for 2021 is just starting, and so far, it appears to be right.
With this in mind, let’s have a look at a few reasons for which this might be the case.
Bitcoin Dominance at a 1-Year Low
The bitcoin dominance is the best metric to gauge the relative strength of altcoins at any point in time. It’s a measurement of bitcoin’s share compared to that of the entire market.
As CryptoPotato reported earlier, the index currently sits at a 1-year low below 56%. The last time this happened was all the way back in April 2020.
It’s also important to note that the BTC dominance index broke below a critical ascending support trend-line just a few days ago, allowing altcoins to gain even more steam.
The serious decrease in Bitcoin’s dominance has allowed many altcoins to increase their USD value, but also their BTC value. This goes for large, mid, and even small-cap cryptocurrencies, which is a definitive sign that the …
Story continues on Crypto Potato

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