Bitcoin Dominance Plummets to 55%, Altseason is coming?

Bittime - Bitcoin Dominance plummets 55%. This happened after the price fell below the psychological level of $60,000 (around IDR 942 million). So, is altseason coming soon? Keep reading in this article!

Daily analysis of Bitcoin shows a pretty rough start to August. The price continued to decline until it broke the critical level of $60,000. 

In fact, it touched its lowest level of around $49,000 (around Rp. 773 million), which helped suppress Bitcoin's dominance. Even though it had bounced back to around $60,000, Bitcoin weakened again and was around $59,358 (around Rp. 932 million) at the close of last trading.

Bitcoin Technical Analysis

The relative strength indicator (RSI) which is below the neutral level indicates that Bitcoin is still trapped in a bearish trend.

Bitcoin's dominance in the crypto market experienced a significant decline in August, in line with its price decline. Data shows Bitcoin dominance fell to around 53%, with peak dominance this month at around 56.5%. 

Even though it recovered slightly to 55%, this still shows a decline.

Read also: Bitcoin Crash Prediction: BTC Whales Sell $600 Million Worth of Assets

With a market capitalization of more than $1.1 trillion (around IDR 17.3 trillion), Bitcoin is still a major player. However, the decline in dominance provides space for altcoins to show off.

Altcoin Season Coming Soon?

Despite the increase in altcoin activity, the market is still dominated by Bitcoin. To be called an altcoin season, at least 75% of the top 50 coins must perform better than Bitcoin in the last 90 days. 

Unfortunately, recent data shows that this threshold has not yet been reached, as many altcoins have also experienced declines similar to Bitcoin.

Is this the start of the real altcoin season? Or is it just a temporary rebound before Bitcoin shows its strength again? Time will tell.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.