Altcoin Season May Be Approaching as Bitcoin Dominance Dips to 59.74%

With Bitcoin's price hovering around $89,463.33, the market is witnessing heightened anticipation for an altcoin season.

Bitcoin’s price continued to slide on Wednesday, now trading at $89,463.33, and crypto market attention shifted to the possibility of an "altcoin season."

What Happened: Bitcoin’s price is down 2.21% over the past 24 hours. The world’s largest cryptocurrency by market capitalization saw a high reading on the Crypto Fear and Greed Index at 88.

A drop in exchange balances indicated strong long-term holding sentiment.

Bitcoin’s market dominance fell slightly to 59.74%, which could signal an opportunity for altcoins to grow.

Top altcoins to watch included Optimism (CRYPTO:OP), Celestia (CRYPTO:TIA), Bittensor (CRYPTO:TAO), Aevo (CRYPTO:AEVO), Renzo (CRYPTO:REZ), Omni (CRYPTO:OMNI) and Rocket Pool (CRYPTO:RPL).

Bitcoin Market Signals: Futures volume saw a 17.94% decrease in the last 24 hours, while liquidations dropped by 36.37%, indicating lower volatility in the short term.

However, options open interest surged by 26.31%, indicating increased speculative activity.

Retail traders on Binance and OKX were leaning bullish, as positive funding rates continued to reflect a balanced sentiment.

Optimism, Celestia, Bittensor: Among the altcoins, Optimism (OP) saw a 6.15% drop in the last 24 hours, priced at $1.59.

The Layer-2 scaling solution, designed to improve Ethereum’s efficiency, had a market cap of $1.99 billion and attracted interest for its long-term potential in decentralized finance.

Celestia (TIA) dropped 6.52% to trade at $4.87. The modular blockchain platform had a circulating supply of over 416 million TIA coins.

Bittensor (TAO) traded at $508.20, down 3.75%. The project, valued at $3.75 billion in market capitalization, focused on decentralized machine learning.

Growth, Performance Of Aevo, Renzo, Rocket Pool: Aevo (AEVO) experienced a 3.75% dip over the past day, priced at $0.341.

The coin remained attractive to investors interested in decentralized finance applications and staking solutions, with a market cap of nearly $302 million and a circulating supply of around 885 million AEVO tokens.

Renzo (REZ) also saw a price decline of 4.28% in the last 24 hours, trading at $0.038.

With a circulating supply of over 1.6 billion REZ coins, the coin’s market cap stood at approximately $64 million, attracting attention for its utility in emerging decentralized platforms.

Rocket Pool (RPL) showed a similar trend, down 5.79% at $10.07, with a market cap of approximately $209 million.

The Ethereum-based decentralized staking protocol remained interesting to those seeking more staking options within the Ethereum ecosystem.

The above is the detailed content of Altcoin Season May Be Approaching as Bitcoin Dominance Dips to 59.74%. For more information, please follow other related articles on the PHP Chinese website!