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Bitcoin Dominance Gains as Total Market Cap Shrinks: What Does This Mean for Altcoin Season?
The ongoing Israel-Iran conflict has weighed heavily on stock and cryptocurrency markets, but not on Bitcoin Dominance (BTC.D). Since yesterday, the total market capitalization has dropped by around 6%.
While Bitcoin (BTC) and altcoins have seen their values decline, BTC.D has bucked the trend, rising by 1.4%. This development casts a shadow over the hopes of a potential altcoin season, pushing the timeline for altcoin rallies further into uncertainty.
Bitcoin Dominance Rises Despite Geopolitical TensionsBeInCrypto reported earlier today that Israel’s strikes on Iran triggered a massive downturn in the market, with liquidations exceeding $1 billion. The total crypto market capitalization has declined from $3.4 trillion to $3.2 trillion.
The market-wide sell-off saw Bitcoin decline by approximately 3.1%. Nonetheless, altcoins experienced steeper losses, contributing to the increase in BTC.D. Bitcoin Dominance rose from 63.8% to 64.7% at the time of writing.
Crypto Market Cap vs. Bitcoin Dominance. Source: TradingView
This metric, which measures Bitcoin’s market capitalization as a percentage of the total crypto market cap, suggested that investors are exiting altcoins faster than Bitcoin. Thus, this reinforces BTC’s relative strength amid market turmoil.
However, the rise has significant implications for the awaited but yet-to-come altcoin season. Many analysts had anticipated a potential decline in BTC.D as a precursor to the onset of an altcoin season.
Looks like the Bitcoin dominance can crash any moment now.
Bullish for Altcoins. 