Altcoin season now? Bitcoin domain falls 3.65% weekly

The price of Bitcoin was still up 9% compared to its valuation a week ago. But that’s a far cry from its 17% weekly green candle on Nov. 10, just five days after the US election.

The election of a cabal of crypto-friendly Republican politicians with war chests full of blockchain money jolted the market, much like the Bitcoin ETF news cycle of yesteryear was happening again.

Now that the dust is settling on the small orange asset’s gains, the chart patterns that historically precede massive altcoin rallies that traders call “alternative season” are manifesting themselves across TradingView.

One such key signal is the precipitous decline in Bitcoin’s dominance or market share against the rest of the altcoin cryptocurrency market.

Orange Man Bad: Bitcoin Dominates

BTC clearly led this most recent crypto rally, with levels of dominance not seen since March 2021. The original gangster of cryptocurrency threw its weight around after the election, falling into pools of liquidity across Web3 like a cannonball.

The US business triumvirate of Donald Trump, Elon Musk and Larry Fink are about to back Bitcoin. The rise of Mr. Trump in the White House and the prospect of regulatory clarity and laissez-faire made Bitcoin bulls fierce.

Bitcoin dominance exploded to 62% on November 21st. But in the 48 hours since that peak was marked, BTC’s crypto market capitalization share fell to 59% as altcoins rose through the ranks, in some cases into the stratosphere.

Altcoin season destroys market cap charts

Stop overcomplicating yourself #high season pic.twitter.com/yCGLRb6NpG

— Fomotion (@Fomotion1) November 17, 2024

Bitcoin Dominion fell 3.65% in the seven days ending November 23, as several alternatives outpaced BTC’s gains. Notable performers this week included Stellar (XLM), Ripple (XRP), VeChain (VET) and Polkdadot (DOT).

X crypto analyst MegaWhale Crypto told followers on Friday that “Altseason probably starts today.” The momentum trader posted a chart that shows how the current market looks at where the other season started during the 2020 Bitcoin cycle.

#ALTSEASON probably start today pic.twitter.com/xr0o0WZbh3

— MegaWhale Crypto (@The_MegaWhale) November 23, 2024

Meanwhile, Bitcoin and cryptocurrency analyst TechDev52 posted a note on the alt season, saying, “When Bitcoin hits this line…” with a chart of BTC touching that line.

another #high season trigger?

when #Bitcoin touch this line… pic.twitter.com/ueGxJn4LoK

— TechDev (@TechDev_52) November 22, 2024

Altcoins are a multi-trillion dollar basket of competing currencies optimized for the Internet.

They are protected and powered by cryptographic techniques similar to those that make up Bitcoin, so their platforms are automated by a decentralized, permissionless network that is always on, transparent and fair to all participants.

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