Cryptocurrency
‘Alt-season’ abruptly ends as Bitcoin dominance rises near quarterly close
As reported by Cointelegraph, “As the price of Bitcoin (BTC) soared above $11,000 on Sept. 16, the altcoin market suffered mightily. Some analysts believe that profits from the extended altcoin and decentralized finance (DeFi) rally may have cycled into BTC. “After major bull cycles or the so-called ‘altseason’, the dominance index of Bitcoin tends to […]
As reported by Cointelegraph, “As the price of Bitcoin (BTC) soared above $11,000 on Sept. 16, the altcoin market suffered mightily. Some analysts believe that profits from the extended altcoin and decentralized finance (DeFi) rally may have cycled into BTC.
“After major bull cycles or the so-called ‘altseason’, the dominance index of Bitcoin tends to recover. When it does, it often leads BTC to outperform many altcoins in the global market.
“In the past two weeks, Bitcoin’s dominance has seen a double bottom, rebounding from 59% to 61%. If BTC’s dominance index continues to recover, it could cause altcoins to underperform against BTC in the near term…”