Bitcoin’s price was still up by 9% compared to its valuation a week ago. But that’s 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 shot in the arm, like the Bitcoin ETF news cycle of yesteryear happening all over again.
Now that the dust is settling on gains for the little orange asset, chart patterns that historically precede massive altcoin rallies that traders call “alt season” are manifesting all over TradingView.
One of those key signals is the precipitous decline of Bitcoin’s dominance or market share against the rest of the altcoin cryptocurrency market.
Orange Man Bad: Bitcoin Dominates
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 liquidity pools all over Web3 like a cannonball.
The US business triumvirate of Donald Trump, Elon Musk, and Larry Fink are all in on supporting Bitcoin. Mr. Trump’s ascendancy to the White House and the prospect of regulatory clarity and laissez-faire made the Bitcoin bulls ferocious.
Bitcoin dominance exploded to 62% on Nov. 21. But in the 48 hours since marking that peak, BTC’s share of crypto market caps fell to 59% as altcoins rode its coattails—in some cases to the stratosphere.
Altcoin Season Blows The Lid Off Market Cap Charts
Stop overcomplicating #altseason pic.twitter.com/yCGLRb6NpG
— Fomotion (@Fomotion1) November 17, 2024
Bitcoin dominance fell 3.65% for the seven days ending Nov. 23 as several alts leapfrogged BTC’s gains. Outstanding performances this week included Stellar (XLM), Ripple (XRP), VeChain (VET), and Polkdadot (DOT).
X crypto analyst MegaWhale Crypto told followers on Friday that “Altseason likely starts today.” The momentum trader posted a graph showing how today’s market looks like where altseason began during the 2020 Bitcoin cycle.
#ALTSEASON likely starts today pic.twitter.com/xr0o0WZbh3
— MegaWhale Crypto (@The_MegaWhale) November 23, 2024
Meanwhile, Bitcoin and cryptocurrency analyst TechDev52 posted a note regarding alt season, saying, “When Bitcoin touches this line…” with a chart of BTC touching that line.
Another #altseason trigger?
When #Bitcoin touches this line… pic.twitter.com/ueGxJn4LoK
— TechDev (@TechDev_52) November 22, 2024
Altcoins make up a multi-trillion-dollar basket of competing currencies optimized for the Internet.
They’re secured and powered by cryptographic techniques similar to those that constitute Bitcoin, so their platforms are automated by a decentralized, permissionless network that’s always on, transparent, and fair to all participants.
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