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Waiting times for the Altcoin season continue as the crypto market still shows signs of a bearish movement. There is high hope that the Altcoin market will start rallies soon, but not everyone is optimistic when the Altcoin season is coming. One of them is a market analyst and expert stock money lizard. He says it wasn’t happening anytime soon.
Altcoin season doesn’t happen anytime soon
In a post on X (formerly Twitter), Stockmoney’s lizard informed over 160,000 followers that the Altcoin season cannot happen anytime soon. Analysts say it is “not far away,” pointing to rising bitcoin domination as the reason the Altcoin season is still far away.
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Analyzing the charts, market experts explain that despite a decline in Bitcoin’s dominance by around 2%, it still doesn’t make much sense. This is because control is still very strong and continues to trade within the channel. The channel also shows that bitcoin control could increase from here. This is harmful to altcoins.
So far, Bitcoin has also held over 65% of its control. This isn’t the highest ever, but the previous Altcoin season won’t happen until domination drops to 40%. Analysts aren’t completely filtering out the possibility of an Altcoin season. But for now, Bitcoin continues to dominate, as he explains, “BTC is a measure of everything.”
AltCoin’s advantage reaches 2021 level
With Bitcoin domination rising and altcoin domination falling, they are heading to levels they haven’t seen for years. For example, according to CoinmarketCap data, Bitcoin’s last domination exceeded 65% came back before crashing to arrive in the Altcoin season in 2021.
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Worse, Ethereum’s control has dropped to a five-year low. Sitting at just 8%, it is currently at the level recorded in 2020 before the market rebounds from the Covid-19 crash drop. This has significantly reduced Ethereum’s ability to lift the Altcoin market.
Similarly, Altcoin’s control, excluding Ethereum, is currently down to 26%. The last time other domination was in 2021. But this was when the Altcoin season began.
Nevertheless, for a sustainable Altcoin season, bitcoin domination must crash first. What happened in 2017 and 2021?At least 40% will clash with Bitcoin control It is necessary to guide you through the Altcoin season.
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