Altcoin Season Is Far Away as Bitcoin Dominance Continues to Delay the Market Rotation

Altcoin enthusiasts worldwide have eagerly awaited the arrival of Altcoin Season, but they remain disappointed by the ongoing delay. Judging by recent trends, this wait is likely to continue as most altcoins have struggled to outperform Bitcoin lately.

Altcoin enthusiasts have been eagerly awaiting the arrival of Altcoin Season, but they remain disappointed by the ongoing delay. However, judging by recent trends, this wait is likely to continue as most altcoins have struggled to outperform Bitcoin lately.

These Coins Have Made It

The delay in Altcoin Season is directly linked to Bitcoin’s increasing market dominance. Currently, Bitcoin’s dominance is at 57.03%, but just a week ago, it peaked at 57.73%. This growing market share has limited the performance of many altcoins, delaying the expected shift.

In the process, Bitcoin’s dominance has almost confirmed the symmetrical triangle pattern formed four months ago. The pattern was validated in late July, and dominance has steadily increased since the breakout. The symmetrical triangle set a post-breakout target of 57.90%, but dominance reversed after reaching 57.73%, falling just short of the goal.

Read more: 10 Best Altcoin Exchanges In 2024

This surge in Bitcoin dominance has severely impacted altcoins, leading to declines and stunting their growth over the last 90 days. During this period, only four major tokens managed substantial gains, allowing them to outperform Bitcoin and show positive returns on the 90-day chart.

These tokens were Kaspa (KAS), AAVE, Monero (XMR), and XRP, which recorded gains of 36%, 20%, 10%, and 8%, respectively. Although these gains aren’t massive, they indicate ongoing demand and optimism among investors for select altcoins.

Altcoin Season Is Far Away

Finally, the Altcoin Season index suggests that the potential arrival of the long-awaited growth period for altcoins will be further delayed. This is because the market is currently experiencing Bitcoin Season, owing to the recent increase in BTC’s market dominance.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

While it’s difficult to say precisely when altcoin enthusiasts will see gains, it’s clear that they won’t be coming this month. If market conditions improve toward the end of Q3 in September, investors might finally see the onset of an altcoin season.

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