Bitcoin dominance falls as altcoins surge
It seems that the season of altcoins has already started. In recent weeks, the so-called alternative digital coins have outperformed bitcoin in terms of growth. The number one cryptocurrency failed to settle at the psychologically important level of $60,000 per token and made a sharp pullback. Thus, for the past week, Ethereum has surged by 23% to hit a new record high of $2,080. Other altcoins are also accelerating the pace of growth. This phenomenon is known as “alt season.” It is marked by a decrease in bitcoin’s value and its shrinking share in the market capitalization. Altcoins, on the contrary, are gaining ground. The same happened in 2017 when Ethereum market cap made up one third of the overall crypto market capitalization. Notably, a spike in ETH serves as the main indicator of the start of the altcoin season. It is also worth paying attention to historical highs of the crypto market. Ahead of the altcoins’ rally, bitcoin is always the first to test new highs, while the rest just follow its lead. Now is the right time to focus on altcoins that have high potential to soar following the pioneer of the crypto market.