Summary
- The Bitcoin Dominance indicator has reportedly fallen below 60% for the first time in six months.
- It was stated that as Bitcoin Dominance decreases, the influence and market capitalization share of altcoins are increasing.
- Some experts noted that Ethereum's strength and the conclusion of the SEC-Ripple lawsuit are indicative of an impending altcoin season.
The Bitcoin (BTC) market share indicator, known as Bitcoin Dominance, has dropped below 60% for the first time in six months in the virtual asset (cryptocurrency) market.
According to TradingView data on the 13th (local time), Bitcoin Dominance recorded 59.60%, dipping below the 60% mark for the first time since February 25, about six months ago.
Bitcoin Dominance refers to the ratio of Bitcoin’s market capitalization to the total global cryptocurrency market capitalization. The lower this indicator, the greater the influence and proportion of altcoins in the overall market capitalization.
Some experts analyze that the recent conclusion of the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple, as well as the strength of Ethereum (ETH), signal the arrival of an altcoin season.
Currently, Ethereum is trading at $4,605 on Binance’s Tether (USDT) market, up 7.21% from the previous day.
YM Lee
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