Shiba

Ethereum

Bitcoin

Resistance

Shiba Inu

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s dominance struggles at 58% resistance level, possibly signaling a stronger altcoin season.</li> 
 <li>The altcoin season index has reached a six-month high, with ETH outperforming BTC.</li> 
</ul> 
<p> Bitcoin’s [BTC] market dominance is facing a challenge at the 58% resistance level. This struggle could potentially pave the way for a robust altcoin season if Bitcoin’s market share continues to decline.</p> 
<p>Historically, a decrease in BTC dominance has often led to a surge in altcoin values. Since 2023, Bitcoin’s dominance (BTC.D) has risen from 40% to a recent high of 58%.</p> 
<h2 id="resistance-at-58">Resistance at 58%</h2> 
<p>However, this 58% level also acts as a resistance point. If it remains unbroken, it could potentially pull Bitcoin’s dominance down. Many market analysts believe that such a drop could fuel an altcoin rally.</p> 
<h2 id="altcoin-season-at-6-month-high">Altcoin Season at 6-Month High</h2> 
<p>The ETH/BTC ratio, a metric used to assess the health of the altcoin sectors, measures Ethereum’s value against Bitcoin. As Ethereum is the largest altcoin, this ratio also serves as a measure of the overall performance of the altcoin sector.</p> 
<p>Since the Federal Reserve’s pivot on September 18th, Ethereum has outperformed Bitcoin. This performance suggests an improved altcoin performance over the same period, during which Bitcoin’s dominance has dropped by 2.5%.</p> 
<p>Meme coins have shown a significant bounce back last week, leading the market recovery with Shiba Inu [SHIB] at the forefront. Monthly charts show Sui network [SUI], Bittensor [TAO], and Popcat [POPCAT] as the top performers for September, with double and triple-digit gains.</p> 
<p>As of now, the Altcoin Season Index reading stands at 49, near neutral, marking the highest level since March. This highlights the impressive performance of altcoins in the past month.</p> 
<p>Despite the heightened investor interest in altcoins, CryptoQuant’s founder has noted that a significant capital rotation from Bitcoin to altcoins has not yet begun. In other words, the altcoin season is gaining momentum and may present an upside potential for those who are exposed. Therefore, Bitcoin dips could be excellent opportunities to acquire more ‘cheap’ altcoins with significant potential.</p>

Bitcoin’s Influence Wanes at 58%: An Era of Opportunity for Altcoins?

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CoinEagle.com

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