2024

Bitcoin

when

<p>The post <a href="https://coinpedia.org/news/bitcoin-dominance-peaks-top-analyst-predicts-altcoin-season-in-late-q2-2024/" rel="noopener noreferrer nofollow">Bitcoin Dominance Peaks: Top Analyst Predicts Altcoin Season in Late Q2 2024</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The recent completion of Bitcoin’s halving has brought excitement among market watchers about what’s coming next. The focus shifts to the altcoin market, which many anticipate will experience significant growth. Renowned crypto analyst Robert Mercer notes that Bitcoin’s dominance is nearing a peak, suggesting the start of an altcoin season.</p>
<h2 class="wp-block-heading" id="h-bitcoin-dominance-at-the-top">Bitcoin Dominance at the Top</h2>
<p>According to a recent tweet from Mercer, Bitcoin dominance is approaching a local top, touching a descending trend line that has served as a robust resistance level since 2017.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> dominance is about to reach the local top (descending trend line) that acted as a strongest resistance since 2017. <br><br>I was saying that I expect Altcoin season to appear in the second half of Q2 2024. <br><br>I am still of that opinion. <a href="https://t.co/tAbJFHDQSB" rel="noopener noreferrer nofollow">pic.twitter.com/tAbJFHDQSB</a></p>— Robert Mercer (@Robert_Klondike) <a href="https://twitter.com/Robert_Klondike/status/1792129720286318733?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 19, 2024</a>
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<p>Bitcoin dominance, which measures <a href="https://coinpedia.org/price-analysis/bitcoin-ethereum-and-xrp-price-prediction-bull-rally-on-the-horizon/" rel="noopener noreferrer nofollow">Bitcoin’s market</a> cap relative to the overall cryptocurrency market, often influences investment strategies. A peak in dominance typically signals a shift as investors pour capital into altcoins, seeking higher returns.</p>
<p>Meanwhile, the Bitcoin dominance currently <a href="https://in.tradingview.com/symbols/BTC.D/" rel="noopener noreferrer nofollow">stands at 55.94%</a> reflecting a decrease of 0.03%. Although Bitcoin’s price has declined slightly, it currently stands at $66,851 with a market cap of $1.36 trillion.</p>
<h2 class="wp-block-heading" id="h-altcoin-season-on-the-horizon">Altcoin Season on the Horizon</h2>
<p>However, Mercer’s analysis suggests that this upcoming peak in Bitcoin dominance could indicate the start of an altcoin season. Altcoin season refers to a period when alternative cryptocurrencies (altcoins) outperform Bitcoin in terms of price and market cap growth.&nbsp;</p>
<p>Mercer has been vocal about this prediction, maintaining his stance that <a href="https://coinpedia.org/price-analysis/polygon-matic-price-all-set-for-30-40-rally/" rel="noopener noreferrer nofollow">altcoin season is likely</a> to emerge in the latter half of the second quarter of 2024.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p>“I was saying that I expect Altcoin season to appear in the second half of Q2 2024. I am still of that opinion,”&nbsp;</p>
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<p>If Mercer’s predictions hold true, investors might see a substantial shift in market dynamics, with altcoins gaining significant traction and potentially offering lucrative opportunities.&nbsp;</p>
<p>This potential altcoin season could be driven by various factors, including advancements in blockchain technology, increased adoption of decentralized finance (DeFi), and the ongoing maturation of the cryptocurrency market.</p>
<p>On the other hand, altcoin dominance is showing positive signs, <a href="https://in.tradingview.com/symbols/OTHERS.D/" rel="noopener noreferrer nofollow">currently standing at 11.58%</a>, reflecting an increase of 0.13%.</p>

Bitcoin Dominance Peaks: Top Analyst Predicts Altcoin Season in Late Q2 2024

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