Altcoins are stepping into the spotlight as Bitcoin comes down from months of all-time highs, but can conditions stay favorable for long?
Bitcoin (BTC) now accounts for less than 60% of the total cryptocurrency market cap, heralding the arrival of “Alt Season 2.0.”In a tweet on March 29, analyst Filbfilb, co-founder of trading suite Decentrader, announced that conditions were finally right for a fresh altcoin surge as their total market capitalization is hitting new highs of nearly $750 billion.Altcoin market capitalization. Source: Coinmarketcap.clmBitcoin dominance at lowest since OctoberHighlighting the current BTC/USD spot price, the combined altcoin market cap in USD and Bitcoin’s market cap dominance, Filbfilb summarized the market in what will be music to the ears of altcoin traders everywhere.”Alt szn,” he commented, conjuring a common nickname for the phenomenon of altcoins rising when Bitcoin cools or consolidates after a price surge of its own.”Alt season” has been a full three years in the making. As Cointelegraph reported, expectations of a broad altcoin resurgence have long been high, but ultimately left unfulfilled. Now, however, with Bitcoin consolidating after hitting all-time highs of $61,700, circumstances appear to have played into traders’ hands.At the time of writing, Bitcoin’s market cap dominance was 59.4%, its lowest since late October 2020.Cryptocurrency market cap dominance chart. Source: CoinMarketCapThe latest catalyst is arguably Visa, which on Monday announced that it would support stablecoin USD Coin (USDC) for settlement, thus leveraging the Ethereum blockchain. ETH/USD saw a modest 4.8% uptick in response, with the largest …
Story continues on Cointelegraph
Menu