Altcoin season; Bitcoin about to lose market dominance
Bitcoin price has been down in the last few days with the premier coin hitting the $52,000 mark in the early hours of today, a 15% fall in price from last week.
With Bitcoin holding a staggering 51% dominance of the crypto market, this recent drop in price may well usher in the altcoin season which most experts have predicted will happen soon.
Statistics from leading crypto monitoring platform, CoinMarketCap, revealed that as of today, Thursday, April 22, 2021, Bitcoin’s market dominance dropped to 50.1% but surprisingly has risen after the premier coin experienced a slight surge in price, taking it to 50.51% at the time of publication.
Having experienced unprecedented growth this year after hitting an all-time high (ATH) of $63.000 as reported by BTC Peers, the dominance the pioneer coin has on the market is on the brink of collapse.
With altcoins like Ethereum, DOGE, and BNB soaring in price at the moment, the altcoin season may come sooner than envisaged.
While a ton of traditional investment companies like Baillie Gifford have adopted and injected millions of dollars into the market, it is quite surprising that the price of this coin has continued to plummet.
