Bitcoin Dominance Breakdown: A Signal for Incoming Altcoin Season?
Bitcoin’s market dominance has been showing signs of weakness, dropping over 5% since May, which could pave the way for an upcoming altcoin season, according to crypto analyst Matthew Hyland. The decline in Bitcoin’s dominance, which currently stands at 59.90%, has sparked optimism among altcoin investors, who are eagerly waiting for the next altcoin season.
Analyst Claims Wall Street May Be Behind Recent Bitcoin Volatility
Hyland also suggested that Bitcoin’s recent volatility might not be entirely organic. In a video shared Saturday, he argued that Wall Street institutions could be behind the market swings. “Over the past month, I’ve kind of just maintained the view that a lot of this was really just manipulation, essentially for Wall Street to set themselves up,” he said. Bitcoin’s dominance, the share of total crypto market capitalization held by BTC, has dropped 5.13% since May, according to TradingView data.
CoinMarketCap’s Altcoin Season Index
CoinMarketCap’s Altcoin Season Index currently stands at 28 out of 100, well within “Bitcoin Season” territory, signaling that capital is still concentrated around BTC. The last time the index flipped into “Altcoin Season” was on Oct. 8, shortly after Bitcoin hit an all-time high of $125,100. However, the optimism faded quickly following the Oct. 10 crash, which erased $19 billion in leveraged positions and sparked a shift toward safer assets.
JPMorgan Predicts Bitcoin Could Hit $170K Within a Year
JPMorgan analysts expect Bitcoin to climb to around $170,000 within six to twelve months, citing the completion of the perpetual futures deleveraging phase and improved volatility dynamics relative to gold. The bank’s strategists, led by Nikolaos Panigirtzoglou, noted that Bitcoin markets have largely stabilized following the October 10 liquidation event, the largest in crypto history, and a smaller wave triggered by the $128 million Balancer exploit.
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