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The altcoin world gets HOT despite Bitcoin dominance
By Davide Grammatica
Bitcoin, solidly above $68k and with dominance at highs, doesn't hold back a rising altcoin world. What's missing from the alt-season?
Altcoin capitalization on the rise “despite” BTC
The market capitalization of altcoin has seen significant growth in recent weeks . There are already those who predict a bullish turn for the sector, but there are still many obstacles to the realization of such a scenario. First among them, paradoxically, is Bitcoin itself, with dominance remaining at highs after a week closed by BTC above $68k.
To be more precise, actually, as noted recently, a slight decline in dominance in correspondence with the rise in the alts there has been, but not enough to undermine the “Bitcoin season” in which we are immersed.
The suspicion, then, is that the rules of the game have changed. If in the past the altcoin world moved upward just as BTC dominance peaked and then collapsed, today there are several forces counteracting this movement.
We speak first of all of institutional investors, largely exposed exclusively to BTC. ETFs have seen steady inflows, and it does not seem implausible that they have contributed greatly to keeping BTC dominance so high.
The altcoin numbers
A new altcoin-season coming soon does not seem to be a foregone conclusion, but that does not preclude the alt world from having a say as well .
Just look at the performance of Solana, which in one week recorded +12% touching the crucial $171 resistance for a potential breakout of $200. Or the memecoin world , where even the mother of the category, Dogecoin, records a +33% weekly.
Also surprising in recent days is the performance of Apecoin, with a weekly +105% that takes the mind back to the glorious days of BAYC. Credit for the rise appears to be due to developments in ApeChain, and it certifies how the alt world, from numerous perspectives, is almost ready for a new collective rise.
