Rising Bitcoin Dominance Above 64% Dashes Hopes Of Altcoin Season, Here’s Why

Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
Enroll now and gain industry-standard knowledge: Enroll Now!

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Crypto analyst Daan Crypto has provided an analysis of the rising Bitcoin dominance, explaining why this will likely continue to surge. Based on his analysis, the altcoin season is unlikely to come anytime soon, with many alts suffering significant selling pressure while BTC accumulation increases.

Bitcoin Dominance Surge Dashes Hopes Of Altcoin Season

In an X post, Daan Crypto stated that the Bitcoin Dominance shows no signs of stopping following the latest surge above 64%. He indicated that the dominance will only continue to rise as more treasury companies try to accumulate Bitcoin. Meanwhile, on the other hand, hopes of an altcoin season fade away as many altcoins are plagued with big unlocks and downtrending momentum.

Related Reading

Daan Crypto also alluded to how there was a short squeeze last month on Ethereum, which took a lot of coins with it. However, this momentum quickly faded afterwards, again dashing hopes of an altcoin season. The analyst explained that there wasn’t sufficient spot bid to bid most of these coins up further.

Bitcoin — Source: Daan Crypto Trades on X

Meanwhile, he cautioned market participants to pick their altcoin investments wisely. Daan Crypto remarked that most of them will underperform BTC over a larger timeframe. His warning suggests that the Bitcoin dominance will continue to trend upwards while an altcoin season may not happen anytime soon.

Basically, there is a lack of interest and capital in these altcoins to spark an altcoin season, which could see them outperform BTC. Meanwhile, the Bitcoin dominance is surging thanks to massive adoption from institutional investors. These companies are looking to adopt Strategy’s playbook or gain exposure through the Bitcoin ETFs.

BlockchainCenter data shows that it is still Bitcoin season and nowhere near altcoin season. For it to be altcoin season, 75% of the top 50 coins need to have outperformed BTC over the last 90 days. Only ten altcoins have outperformed the flagship crypto during this period.

Altseason Is Still Coming, But Slowly

In an X post, crypto analyst Astronomer assured that the altcoin season is still coming, although it could take a while. He noted that the price remains the same for these altcoins, but declared that nothing has changed. The analyst remarked that this lines up with the overall plan of the Bitcoin price ranging till the end of June and altcoins remaining in their local ranges.