The market of 2019 witnessed an unexpectedly insane high of Bitcoin which also came up as a nightmare for most of the altcoins.
However the market, along with Bitcoin’s all-time highs, also saw an incredibly strong performance of BTC. Speaking of which, we can recall the parabolic uptrend of BTC in the month of April which resulted in an overall gain of 300%. Soon after that, its rally reached the zenith of $13,800.
Well, it might seem as a nine days wonder, but the entire uptrend if BTC gradually seems to be collapsing. And truth be told, the majority of the crypto investors are now starting to believe that the alt season might be arriving soon.
Brief Glance At BTC’s Journey
Looking at the history of BTC’s recent dominance, one ay finds that the correction that hit Bitcoin, somehow or the other damaged the dominance of BTC too. This ultimately ended up breaking the uptrend of BTC.
As far as the exact data is concerned, it might be seen that the dominance of BTC faced a downfall form the highs near 67% to under 65%.
WHAT IF BITCOIN FIGHTS BACK?
There is one more side to this entire scenario that is worth your attention.
Looking back at 2017, one might notice that as the Bitcoin fell below support and hold the 67% dominance level, it has never been below that since then.
In fact, before that downfall of 2017, Bitcoin enjoyed dominance of almost 75%.
Therefore, the probability of Bitcoin reclaiming its position seems to be really high.
And if that happens, it won’t be wrong to state that the altcoins might never be able to reach their all-time highs.