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Bitcoin dominance shows that altcoin season is still far away: Here’s why

July 16, 2024
in Bitcoin
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Bitcoin dominance shows that altcoin season is still far away: Here’s why
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  • Bitcoin has been in a slump since April.
  • The Tether and BTC dominance charts pointed toward a bullish future for crypto’s top dog.

Bitcoin [BTC] was trading at $62.5k at press time, with the New York session just a few hours away. Though cryptos trade 24/7, the New York session on Mondays often marks a trend reversal or continuation.

AMBCrypto’s analysis of the Bitcoin dominance gave clues about where the broader market could be headed next.

Combining it with the Tether dominance showed that altcoin bulls might face some complications in the coming weeks.

Bitcoin Dominance shows a verdict

Altcoin Season Index

Source: BlockchainCentre

In June, the altcoin season index scores were around 25, signaling a strong Bitcoin season. Over the past two weeks, this trend has begun to reverse. The index jumped as high as 46 on the 12th of July but fell to 35.

This indicated an altcoin season might be around the corner, but other metrics disagreed.

Bitcoin Dominance

Source: BTC.D on TradingView

AMBCrypto’s look at the Bitcoin dominance chart on the daily timeframe showed a range formation between 54% and 56.4%. Over the past month, the metric has been below the mid-range level.

The implication was that, like the prices, the dominance chart also lacked a strong trend. It showed that the altcoin market has suffered alongside Bitcoin.

The higher timeframes showed that the BTC.D was trending higher. This was a sign that BTC bets are likely to outperform the wider market in Q3 2024.

Why Bitcoin will be in the limelight

Tether Dominance

Source: USDT.D on TradingView

Bitcoin is the king of crypto coins and is the primary wind vane for understanding market sentiment.

See also  Bitcoin: Holders, every time BTC hits $13 billion on this front, the market...

A large inflow of capital into BTC is required before it can be rotated into altcoins, leading to the fabled altcoin season.

The Tether dominance chart saw a retracement while BTC prices rose over the past three days. This suggested a market-wide price rally over the weekend.

However, the USDT.D is expected to resume its downtrend after this bounce, which could be great news for Bitcoin prices.

Bitcoin Puell Multiple

Source: CryptoQuant


Read Bitcoin’s [BTC] Price Prediction 2024-25


The Puell Multiple is a measure of how profitable mining pools are compared to the previous year. At press time, the metric was at 0.72. A reading of 0.5 or lower would be a strong buy signal.

This was another sign that price appreciation is in store for Bitcoin in the coming months.

Next: Can Cardano cross the $0.47 resistance? What ADA’s 34% surge says

READ ALSO

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  • Bitcoin has been in a slump since April.
  • The Tether and BTC dominance charts pointed toward a bullish future for crypto’s top dog.

Bitcoin [BTC] was trading at $62.5k at press time, with the New York session just a few hours away. Though cryptos trade 24/7, the New York session on Mondays often marks a trend reversal or continuation.

AMBCrypto’s analysis of the Bitcoin dominance gave clues about where the broader market could be headed next.

Combining it with the Tether dominance showed that altcoin bulls might face some complications in the coming weeks.

See also  Hashrate Hackers Introduces Ordinals NFT Collections Backed by Bitcoin Hashrate

Bitcoin Dominance shows a verdict

Altcoin Season Index

Source: BlockchainCentre

In June, the altcoin season index scores were around 25, signaling a strong Bitcoin season. Over the past two weeks, this trend has begun to reverse. The index jumped as high as 46 on the 12th of July but fell to 35.

This indicated an altcoin season might be around the corner, but other metrics disagreed.

Bitcoin Dominance

Source: BTC.D on TradingView

AMBCrypto’s look at the Bitcoin dominance chart on the daily timeframe showed a range formation between 54% and 56.4%. Over the past month, the metric has been below the mid-range level.

The implication was that, like the prices, the dominance chart also lacked a strong trend. It showed that the altcoin market has suffered alongside Bitcoin.

The higher timeframes showed that the BTC.D was trending higher. This was a sign that BTC bets are likely to outperform the wider market in Q3 2024.

Why Bitcoin will be in the limelight

Tether Dominance

Source: USDT.D on TradingView

Bitcoin is the king of crypto coins and is the primary wind vane for understanding market sentiment.

A large inflow of capital into BTC is required before it can be rotated into altcoins, leading to the fabled altcoin season.

The Tether dominance chart saw a retracement while BTC prices rose over the past three days. This suggested a market-wide price rally over the weekend.

However, the USDT.D is expected to resume its downtrend after this bounce, which could be great news for Bitcoin prices.

Bitcoin Puell Multiple

Source: CryptoQuant


Read Bitcoin’s [BTC] Price Prediction 2024-25


The Puell Multiple is a measure of how profitable mining pools are compared to the previous year. At press time, the metric was at 0.72. A reading of 0.5 or lower would be a strong buy signal.

See also  Bitcoin ETFs: Overhyped or underestimated?

This was another sign that price appreciation is in store for Bitcoin in the coming months.

Next: Can Cardano cross the $0.47 resistance? What ADA’s 34% surge says
Tags: AltcoinBitcoinDominanceHeresSeasonShows

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Bitcoin’s bearish price trend sparks bullish predictions – Why?

Bitcoin’s bearish price trend sparks bullish predictions – Why?

May 24, 2024
FXGuys’ Trade2Earn Approach Challenges Bittensor’s Dominance

FXGuys’ Trade2Earn Approach Challenges Bittensor’s Dominance

April 21, 2025
Low-Cost Energy Meets High Hashrates: Bitfufu Eyes Major Oklahoma Mining Stake

Low-Cost Energy Meets High Hashrates: Bitfufu Eyes Major Oklahoma Mining Stake

January 17, 2025
Breaks Key Resistance, New All-Time Highs Next

Breaks Key Resistance, New All-Time Highs Next

May 28, 2024

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