Summary
- Bitcoin (BTC) dominance has recently decreased from 65% to 63.31%, raising expectations for an altcoin season.
- The ETH/BTC ratio rebounded from the lowest level of 2020, rising over 12% in the last 24 hours.
- The Altcoin Season Index has entered the neutral zone, and if it surpasses 75, a full-fledged season will arrive.
Bitcoin (BTC) dominance is declining, leading to analysis that an altcoin season may be approaching.
On the 9th (local time), cryptocurrency specialist media BeInCrypto cited multiple analysts stating, "Bitcoin dominance has recently fallen from 65% to 63.31% today," and "The ETH/BTC ratio has rebounded from the lowest level of 2020, rising over 12% in the last 24 hours."
Furthermore, "This is a signal that funds are flowing from Bitcoin to altcoins," and "The Altcoin Season Index, which gauges market sentiment shifts, also surged from 23 to 36, entering the 'neutral' zone," they explained.
Additionally, "It can be seen as a trend where funds within the market are tilting towards altcoins," and "If the Altcoin Index surpasses 75, a full-fledged altseason will arrive," they added.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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