Being the biggest cryptocurrency by market cap with a substantial different, BTC led the pack after Donald Trump won the US elections by skyrocketing from $68,000 to over $90,000 within weeks. This was somewhat expected, given Trump’s pro-bitcoin stance during his campaign as he appeared at the annual BTC conference in the States and even paid for a burger with the asset.
Although several altcoins registered impressive gains within the same timeframe, bitcoin’s dominance shot up to nearly 60% on CoinGecko and well above that number on other resources like CoinMarketCap and TradingView.
Now, though, the landscape seems to be changing even though BTC flew past $100,000 earlier this week and painted a fresh all-time high of over $103,500.
The first major signs of altcoin season became clear this week, with altcoins reclaiming a significant share of the overall market dominance pic.twitter.com/S5PeAcnbq6
— IntoTheBlock (@intotheblock) December 6, 2024
The community has long speculated about the start of a new altcoin season – a time period in which alternative coins are registering massive gains, especially compared to BTC. These periods, usually lasting a few months, come after a noteworthy surge from bitcoin itself.
The declining BTC market dominance in the past week is among the strongest indicators that alts’ time has arrived. Perhaps this is most evident in ETH’s performance. The largest altcoin was somewhat sluggish after the elections and increased in a modest fashion from around $2,600 to $3,000, where it stood for a while.
However, it began to increase in value more substantially in the past ten days or so and jumped above $4,000 for the first time since March on Friday evening. Consequently, it caught up to other massive gainers during this cycle, such as XRP, DOGE, XLM, HBAR, and many more.
In fact, CoinGecko’s data shows that BTC is near the bottom in terms of the biggest gainers in the past month from the top 100 cryptocurrencies. Its ‘modest’ increase of 32% is far away from the leaders like HBAR (612%), XLM (403%), XRP (350%), ALGO (309%), IOTA (307%), SAND (250%), etc.
Many industry experts have speculated about the environment around this cycle’s altcoin season. Earlier this month, CryptoQuant’s CEO said the altseason will be a lot different than previous ones, as only a handful of assets will exceed the expectations.
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