Bitcoin\u2019s price was still up by 9% compared to its valuation a week ago. But that\u2019s a far cry from its green 17% weekly candle on Nov. 10, just five days after the US elections.<\/p>\n
The election of a crypto-friendly cabal of Republican politicians with war chests full of blockchain money gave the market a shot in the arm, like the Bitcoin ETF news cycle of yesteryear happening all over again.<\/p>\n
Now that the dust is settling on gains for the little orange asset, chart patterns that historically precede massive altcoin rallies that traders call \u201calt season\u201d are manifesting all over TradingView.<\/p>\n
One of those key signals is the precipitous decline of Bitcoin\u2019s dominance or market share against the rest of the altcoin cryptocurrency market.<\/p>\n
BTC clearly led this most recent crypto rally, with its dominance marking levels unseen since Mar. 2021. The original gangster of cryptocurrency threw its weight around after the election, dropping into<\/a> liquidity pools all over Web3 like a cannonball.<\/p>\n The US business triumvirate of Donald Trump, Elon Musk, and Larry Fink are all in on supporting Bitcoin. Mr. Trump\u2019s ascendancy to the White House and the prospect of regulatory clarity and laissez-faire made the<\/a> Bitcoin bulls ferocious.<\/p>\n Bitcoin dominance exploded <\/a>to 62% on Nov. 21. But in the 48 hours since marking that peak, BTC\u2019s share of crypto market caps fell to 59% as altcoins rode its coattails\u2014in some cases to the stratosphere.<\/p>\n Stop overcomplicating #altseason<\/a> pic.twitter.com\/yCGLRb6NpG<\/a><\/p>\n \u2014 Fomotion (@Fomotion1) November 17, 2024<\/a><\/p>\n\n Bitcoin dominance fell 3.65% for the seven days ending Nov. 23 as several alts leapfrogged BTC\u2019s gains. Outstanding performances this week included Stellar (XLM), Ripple (XRP)<\/a>, VeChain (VET), and Polkdadot (DOT).<\/p>\n X crypto analyst MegaWhale Crypto told followers on Friday that \u201cAltseason likely starts today.\u201d The momentum trader posted a graph showing how today\u2019s market looks like where altseason began during the 2020 Bitcoin cycle.<\/p>\n #ALTSEASON<\/a> likely starts today pic.twitter.com\/xr0o0WZbh3<\/a><\/p>\n \u2014 MegaWhale Crypto (@The_MegaWhale) November 23, 2024<\/a><\/p>\n\n Meanwhile, Bitcoin and cryptocurrency analyst TechDev52 posted a note regarding alt season, saying, \u201cWhen Bitcoin touches this line\u2026\u201d with a chart of BTC touching that line.<\/p>\n Another #altseason<\/a> trigger?<\/p>\n When #Bitcoin<\/a> touches this line\u2026 pic.twitter.com\/ueGxJn4LoK<\/a><\/p>\n \u2014 TechDev (@TechDev_52) November 22, 2024<\/a><\/p>\n\n Altcoins make up a multi-trillion-dollar basket of competing currencies optimized for the Internet.<\/p>\n They\u2019re secured and powered by cryptographic techniques similar to those that constitute Bitcoin, so their platforms are automated by a decentralized, permissionless network that\u2019s always on, transparent, and fair to all participants.<\/p>\n The post Altcoin Season Now? Bitcoin Dominance Plummets 3.65% Weekly<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price was still up by 9% compared to its valuation a week ago. But that\u2019s a far cry from its green 17% weekly candle on Nov. 10, just five days after the US elections. The election of a crypto-friendly cabal of Republican politicians with war chests full of blockchain money gave the market a […]<\/p>\n","protected":false},"author":0,"featured_media":23060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23059"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23059"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/23060"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Altcoin Season Blows The Lid Off Market Cap Charts<\/h2>\n