Forecast Trend Report by Period
Bitcoin dominance is rebounding, reinforcing the view that the crypto market remains in a correction and consolidation phase rather than entering a full-fledged altseason.
Crypto media outlet The Block reported on May 11 that Bitcoin dominance had recovered to about 58.5% after recently bottoming near 55%.
A rise in dominance is typically linked to periods of correction and consolidation, when Bitcoin outperforms altcoins on a relative basis, the report said.
Bitcoin dominance peaked at 62% to 63% in the middle of last year before falling to about 54% as altcoins strengthened.
Still, some altcoins, including Toncoin, Zcash and Dogecoin, have recently shown relative strength.
Market participants also say a renewed decline in Bitcoin dominance could signal the start of a broader altseason.
Investors are closely watching the trend in Bitcoin dominance and whether capital rotates into altcoins.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
