While in the crypto market, each and everyone is aware of one of the most profitable seasons in the crypto market, i.e, the Alt SEASON. This is basically a period when the majority of the altcoins end up showing enormous exponential growth and sometimes at the expense of Bitcoin.
Well truth be told, a similar period was witnessed early this year but didn’t last long as Bitcoin’s parabolic rise over the last few weeks terribly shattered majority of the altcoins to the point of capitulation. However, close observation of altcoins, as well as Bitcoin Dominance Index, will definitely reveal the fact that altcoin season remains in full swing.
Brief Glance at the Bitcoin Dominance Index:
This index basically depicts the market share of Bitcoin in comparison to the total market cap of all cryptocurrencies. Now the majority of the traders rely on this index to analyze as well as predict the performance of altcoins against the largest cryptocurrency, i.e., Bitcoin.
Now if we observe the weekly chart of this index, it can clearly be seen that the index is still bearish from a macro perspective. Also, it can clearly be stated that the index is bearish as the bulls succumbed to this resistance even after bitcoin’s parabolic run.
ALTCOINS IN THE PRESENT CRYPTO MARKET
As far as the present scenario for the altcoins is concerned, it seems to be quite bullish as the Bitcoin Dominance Index is depicting weak signals consistently.
The altcoin actually performed well by touching the mark of $100 billion on the 15th of May. This is in itself is a great deal as it broke the rounding bottom pattern on the weekly chart after almost 5 months.
As of now, they seem to be building a base around that level as even with the pullbacks, the bulls quite astonishingly maintained that $100 billion marks as support.