Bitcoin’s dominance over the crypto market has remained stable over the past week, but has been declining since the beginning of the year. In order for Crypto moneys to gain any tremendous momentum independent of BTC, the cryptocurrency needs to leave part of this dominance.
A popular cryptocurrency analyst said that the crypto investors’ long-awaited crypto money season is higher than ever, and the expected increases will happen very soon.
Analyst explained that there are three main factors that support this view and that BTC’s domination must fall below 62% for this crypto money rally to take place.
Bitcoin Domination Remains At 65%
At the time of writing, the Bitcoin domination rate is 65% and the same level has been going on for the last few weeks. Bitcoin performed better than crypto moneys in the period following the mid-March collapse.
BTC domination in late February found the lowest levels in recent years as crypto moneys started to gain momentum. The bullish trend across the market has been short-lived, as turbulence seen in traditional markets has led to a decrease in almost all cryptocurrencies.
Why Crypto Money Season Closer Than Ever
A popular analyst announced that he believed that the famous “Crypto Money Season” was closer than ever.
$BTC Dominance vs #Alts
This is by far the closest we have been from a technical standpoint to an alt season starting.
1. HH/HL structure has broken + bearish retest on dom
2. About to break a 871 day uptrend line on Dom
3. >62% would lead to alt pumps unseen for 3+ years pic.twitter.com/psLZky49L0
— ₿ Pentoshi (@Pentosh1) June 3, 2020
He supported this controversial idea by providing an analysis of the dominance of BTC and stated that it has shown a downward trend, which indicates a significant decline recently.
The crypto analyst announced that the dominance rate is about to break an 871-day bullish trend, and a decline below 62% will mark the beginning of the crypto money season.
The graph above shows that this deterioration will occur in the next two months as the peak of the triangle formation seen in rapid approaches.