Bitcoin\u2019s recent surge into the $10,000 region has closely coincided with a surge in the cryptocurrency\u2019s dominance over the aggregated crypto market, which hit a fresh two-year peak this week. This surge in dominance has primarily been driven by lackluster price action amongst most major altcoins.<\/p>\n
Importantly, analysts are now noting that altcoins may be close to surging, as any major drop in Bitcoin\u2019s dominance could spark the long-awaited \u201caltseason\u201d that may allows many cryptos to recover much of their recent losses.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 2% at its current price<\/a> of $10,460, which is down slightly from its recent highs of nearly $10,800 that were set yesterday.<\/p>\n Bitcoin\u2019s rejection in the upper-$10,000 region makes it abundantly clear that its bulls are not yet ready to propel it past $11,000, but it is important to note that it is still in a firm short-term uptrend, as is it currently trading up significantly from its recent lows of roughly $9,400 that were set last week.<\/p>\n This recent price surge has closely coincided with a rise in BTC\u2019s dominance<\/a> over the markets, as it has risen to 70.5% \u2013 the highest it has been since March of 2017 before the massive parabolic movement that occurred later that year.<\/p>\n Most major altcoins have been facing significant downwards pressure as of late, and BTC\u2019s rise in dominance is the result of their poor performance.<\/p>\n Importantly, analysts are now noting that there is a decent chance that altcoins are nearing a point at which they begin climbing higher, as FlibFlib \u2013 a popular crypto analyst on Twitter \u2013 explained in a recent tweet that Bitcoin\u2019s dominance will be a primary factor that guides their price action in the near-term.<\/p>\n \u201cIn USD terms, alts look like they stand a reasonable chance of bounce. $BTC dominance still remains strong and doesn\u2019t look like slowing down though\u2026 Overall bullish,\u201d he explained in a recent tweet.<\/p><\/blockquote>\n In USD terms, alts look like they stand a reasonable chance of bounce.$BTC<\/a> dominance still remains strong and doesnt look like slowing down though.. Overall bullish. pic.twitter.com\/GUJQeENJqB<\/a><\/p>\n — filbfilb (@filbfilb) September 4, 2019<\/a><\/p><\/blockquote>\nWill a Drop in BTC\u2019s Dominance Spark an Altcoin Bull Run?<\/strong><\/h2>\n
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