Larry

2024

Bitcoin ETF

Bitcoin

Bitcoin’s price was still up by 9% compared to its valuation a week ago. But that’s a far cry from its green 17% weekly candle on Nov. 10, just five days after the US elections.
The election of a crypto-friendly cabal of Republican politicians with war chests full of blockchain money gave the market a shot in the arm, like the Bitcoin ETF news cycle of yesteryear happening all over again.
Now that the dust is settling on gains for the little orange asset, chart patterns that historically precede massive altcoin rallies that traders call “alt season” are manifesting all over TradingView.
One of those key signals is the precipitous decline of Bitcoin’s dominance or market share against the rest of the altcoin cryptocurrency market.
<h2 id="orange-man-bad-bitcoin-dominates">Orange Man Bad: Bitcoin Dominates</h2>
BTC clearly led this most recent crypto rally, with its dominance marking levels unseen since Mar. 2021. The original gangster of cryptocurrency threw its weight around after the election, <a href="https://cryptopotato.com/bitcoin-altcoins-explode-as-election-results-keep-rolling-in/" rel="noopener noreferrer nofollow">dropping into</a> liquidity pools all over Web3 like a cannonball.
The US business triumvirate of Donald Trump, Elon Musk, and Larry Fink are all in on supporting Bitcoin. Mr. Trump’s ascendancy to the White House and the prospect of regulatory clarity and laissez-faire <a href="https://cryptopotato.com/heres-what-users-expect-as-donald-trump-begins-tenure-as-crypto-president-bybit/" rel="noopener noreferrer nofollow">made the</a> Bitcoin bulls ferocious.
Bitcoin dominance <a href="https://www.tradingview.com/symbols/BTC.D/" target="_blank" rel="noopener noreferrer nofollow">exploded </a>to 62% on Nov. 21. But in the 48 hours since marking that peak, BTC’s share of crypto market caps fell to 59% as altcoins rode its coattails—in some cases to the stratosphere.
<h2 id="altcoin-season-blows-the-lid-off-market-cap-charts">Altcoin Season Blows The Lid Off Market Cap Charts</h2>
<blockquote class="twitter-tweet">
 Stop overcomplicating <a href="https://twitter.com/hashtag/altseason?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#altseason</a> <a href="https://t.co/yCGLRb6NpG" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/yCGLRb6NpG</a>
 — Fomotion (@Fomotion1) <a href="https://twitter.com/Fomotion1/status/1858100701383045507?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 17, 2024</a>
</blockquote>

Bitcoin dominance fell 3.65% for the seven days ending Nov. 23 as several alts leapfrogged BTC’s gains. Outstanding performances this week included Stellar (XLM), <a href="https://cryptopotato.com/3-possible-reasons-behind-ripples-xrp-15-surge-past-1-6/" rel="noopener noreferrer nofollow">Ripple (XRP)</a>, VeChain (VET), and Polkdadot (DOT).
X crypto analyst MegaWhale Crypto told followers on Friday that “Altseason likely starts today.” The momentum trader posted a graph showing how today’s market looks like where altseason began during the 2020 Bitcoin cycle.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/ALTSEASON?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#ALTSEASON</a> likely starts today <a href="https://t.co/xr0o0WZbh3" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/xr0o0WZbh3</a>
 — MegaWhale Crypto (@The_MegaWhale) <a href="https://twitter.com/The_MegaWhale/status/1860154615595172110?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 23, 2024</a>
</blockquote>

Meanwhile, Bitcoin and cryptocurrency analyst TechDev52 posted a note regarding alt season, saying, “When Bitcoin touches this line…” with a chart of BTC touching that line.
<blockquote class="twitter-tweet">
 Another <a href="https://twitter.com/hashtag/altseason?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#altseason</a> trigger?
 When <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> touches this line… <a href="https://t.co/ueGxJn4LoK" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/ueGxJn4LoK</a>
 — TechDev (@TechDev_52) <a href="https://twitter.com/TechDev_52/status/1860103482717667394?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 22, 2024</a>
</blockquote>

Altcoins make up a multi-trillion-dollar basket of competing currencies optimized for the Internet.
They’re secured and powered by cryptographic techniques similar to those that constitute Bitcoin, so their platforms are automated by a decentralized, permissionless network that’s always on, transparent, and fair to all participants.
The post <a href="https://cryptopotato.com/altcoin-season-now-bitcoin-dominance-plummets-3-65-weekly/" rel="noopener noreferrer nofollow">Altcoin Season Now? Bitcoin Dominance Plummets 3.65% Weekly</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Altcoin Season Now? Bitcoin Dominance Plummets 3.65% Weekly

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