Crypto analysts are eyeing the potential for altcoin season in the coming months. Based on Bitcoin's historical share trend, the leading cryptocurrency's market share is steadily increasing. This has delayed the potential rise of the altcoin.
Historically, in 2016, 243 days after the Bitcoin halving, BTC's share fell to 63%, and in 2020, Bitcoin's share fell to 47% and 245 days after the halving, prompting another surge in altcoin ownership.
But the 2024 Bitcoin Halving is more than 90 days away, but Bitcoin dominance remains at 53.9%, CryptoBusy, a crypto enthusiast, says the altcoin season won't happen until after 2024.
Crypto influencers noted that previous cycles signaled a delayed but eventual shift in market dynamics. If Bitcoin's stock follows a similar path, a sharp drop could pave the way for Altcoins to skyrocket.
User X noted that summer is generally quiet in the crypto market. A wait-and-see approach is recommended until the end of the year. They added that “major developments” are unlikely before Q4
Benjamin Cowan The CEO of IntoTheCryptoverse, a crypto education site, recently highlighted the current undervaluation of crypto market capitalization. “At the end of the year after the half or the first half of the year after the half.”
CoinMarketCap data shows Bitcoin over 12,000 BTC on the German government's sale and cryptocurrency exchange platform Mt. Gox has distributed billions worth of BTC trading at $59,000 Ripto went bankrupt.
Source: currency
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