Bitcoin price was rejected from above $55,000 and is now back to sinking lower. Meanwhile, altcoins like Ethereum continue to climb complete unaffected by the leading cryptocurrency by market cap.
The recent divergence between the top dog and the rest of altcoins, has resulted in Bitcoin dominance taking a nosedive to levels not seen since 2017 and 2018. Could this be the official start of altcoin season before the market cycle starts all over again?
BTC Dominance Returns To Levels Not Seen Since Last Crypto Bull Market
It has been more than 1000 days that have passed since the last time BTC dominance was below the 50% level, signaling that altcoins had taken over the crypto market.
The past 1000 and then some days have been completely dominated by Bitcoin instead, rising to as high as 73% peak dominance at the end of 2020.
Related Reading | Ethereum Closing In on $2,800 As ETH 2.0 Deposit Contract Hit New