For the purposes of historical comparison, it’s also worth noting that the pattern of the dominance chart currently looks much like it did during the earlier part of 2017.
As the markets have gone into meltdown since May 12, Bitcoin (BTC) dominance has fluctuated dramatically, bucking 2021’s prevailing trend. Before the sell-off started in earnest, BTC dominance had been falling pretty steadily from around 70% in January to a low of under 40% by the time the crash was underway. At that point, BTC dominance was at its lowest since the summer of 2018. It has since recovered to above 43%.
If the same pattern is underway this time around, then the market is likely to be at the equivalent of summer 2017 when the alt season was just ramping up, and still some months away from Bitcoin’s price peak of around $20,000 in December 2017.
Of course, while the patterns draw some interesting parallels, BTC dominance doesn’t necessarily tell that much