Bitcoin Dominance Falls Below 57%: Altcoin Season Officially Kicks Off

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Bitcoin’s dominance has dropped below 57%, marking a big moment in the crypto world. This drop, highlighted by a clear downside breakout from a rising wedge pattern, signals the official start of Altseason 2024-25. While Bitcoin struggles to hit the $100,000 milestone despite weeks of strong upward momentum, the focus is now shifted to altcoins.

Bitcoin Dominance Falls Below 57%

Prominent crypto trader Captain Faibik has confirmed that Altseason 2024-25 has officially begun. He pointed out this shift with a detailed price chart showing that Bitcoin’s dominance had been rising in a wedge pattern but has now dropped below 57% after failing to break the $100,000 mark. 

According to Faibik, a closer look at the Bitcoin dominance chart shows an increased risk that the recent decline could speed up. 

If the trend line breaks, chart analysis suggests that Bitcoin’s dominance could drop back to around 50%, highlighting the growing focus on altcoins.

Altcoin Season Index Hits 78

Along with the Bitcoin dominance breakdown, the Altcoin Season Index has surged to 78, surpassing the critical level of 75%. Captain Faibik points out that when the index goes above 75%, it shows that the top 50 cryptocurrencies have been performing better than Bitcoin over the past 90 days. This is a clear sign that altcoins are currently outpacing Bitcoin.

However, coins like XRP have surged an impressive 360% in the last 30 days. Solana recently reached new record highs, touching the $260 mark. Cardano has risen over 208% in the same period, and Ethereum is now aiming to retest the $4,000 level.

Also Read :   Bitcoin, ETH, & XRP Price Prediction: Here’s What to Expect in December 2024!   ,

Opportunities for Altcoin Traders

Faibik believes this is a great time for traders to focus on altcoins. When Bitcoin dominance drops, smaller cryptocurrencies often see big gains. Past altcoin seasons have delivered huge profits, and Faibik expects similar opportunities this time.

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