- Bitcoin dominance has remained above 50%.
- The altcoin season has but to kickstart regardless of current strikes available in the market.
Bitcoin [BTC] has skilled spectacular worth traits for the reason that starting of the yr, and lately, Ethereum [ETH] has additionally proven important upward actions.
With ETH’s present trajectory and the spikes in worth of assorted different belongings, the query of whether or not an altcoin season could be underway is raised.
Altcoin season not underway
Often, when Ethereum begins to rally, it might probably sign the start of altcoin season. Nonetheless, for the season to completely begin, different metrics additionally want to point out important motion.
As of now, the Altcoin Season Index on blockchaincenter.net stands at 35. For the index to point an ‘altcoin season,’ 75% of the highest 50 cash should outperform Bitcoin.
![Altcoin season index](https://ambcrypto.com/wp-content/uploads/2024/05/Altcoin-season-index.png)
![Altcoin season index](https://ambcrypto.com/wp-content/uploads/2024/05/Altcoin-season-index.png)
Supply: blockchaincenter
Bitcoin dominance holding again the altcoin season
A lower in Bitcoin’s dominance can contribute to the onset of the altcoin season as merchants diversify their holdings. They spend money on different cryptocurrencies, shifting the market cap away from BTC.
At the moment, the cryptocurrency market capitalization is round $2.55 trillion, in keeping with CoinMarketCap. BTC dominance is over 52%, leaving altcoins with lower than 50% of the market share. Inside this, Ethereum holds 18.2%.
Moreover, the BTC worth tends to stabilize and stay steady after a major worth development. This stability can immediate market individuals looking for short-term beneficial properties to promote their Bitcoin and transfer into altcoins.
Moreover, BTC’s excessive worth could be a barrier for brand new merchants, who could go for altcoins as a substitute. This shift in funding can contribute to a broader redistribution of market cap in the direction of altcoins.
How Ethereum and different high altcoins have carried out
Though the Bitcoin season is ongoing, Ethereum and several other altcoins like Pepe [PEPE] and Dogwifhat [WIF] have seen substantial beneficial properties lately. Evaluation exhibits that PEPE has outperformed Bitcoin by over 1,000% within the final three months.
Its every day timeframe chart signifies a number of all-time highs lately and a robust bull development, as confirmed by its Relative Energy Index (RSI).
Equally, WIF elevated by over 800% in the identical interval and remained in a robust bull development. On the time of writing, WIF is buying and selling round $3.70, with an virtually 9% enhance.
![Pepe, Ethereum and WIF price trend](https://ambcrypto.com/wp-content/uploads/2024/05/Ethereum-ETH-12.36.42-28-May-2024.png)
![Pepe, Ethereum and WIF price trend](https://ambcrypto.com/wp-content/uploads/2024/05/Ethereum-ETH-12.36.42-28-May-2024.png)
Supply: Santiment
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Ethereum can also be experiencing a robust bull development within the oversold zone, in keeping with its RSI. It’s buying and selling at roughly $3,890, with a modest enhance of lower than 1%.
These actions recommend that whereas Bitcoin dominates, important momentum is constructing within the altcoin market.