A new low in Bitcoin Market Dominance suggests that Altseason may be inbound.
Down from 63.10% at the open of June, the benchmark digital asset, Bitcoin’s market dominance is down to 41.44%, according to our mist recent reading.
The standing rule of thumb dictates that Bitcoin’s market dominance acts as a direct indicator of demand for the digital asset. With $BTC’s dominance falling – as per rule of thumb – the demand for Altcoins increases.
Altcoins, which are all cryptocurrencies that are not Bitcoin, usually experience volatile price jumps in those periods. A phenomenon known as Altseason.
It appears Altseaon may be soon be upon digital asset markets, following the recent fall in Bitcoin prices.