Is Bitcoin Losing Its Market Dominance Is the Era of Altcoins Approaching

The resistance level of $70,000 is causing cryptocurrencies to lose their long-term dominance.
BTC dominance is a method used to compare the token market capitalization with the total cryptocurrency market capitalization. In simple terms, it shows the dominance of Bitcoin in the entire cryptocurrency market.
Data from Trading View shows that as of the time of writing this article, BTC dominance stands at 55.4%.


The fact is, as Bitcoin’s dominance weakens, the space for altcoins is opening up. These cryptocurrencies are gaining higher value and have the potential to replace the major cryptocurrencies.
Bitcoin’s dominance is weakening, as stated by Bitcoin analyst Jelle in a tweet on X (Twitter). He suggests that this could be due to recent price consolidation.
However, Jelle points out that if leading cryptocurrencies break out of the current trading range, other altcoins could rise.
Furthermore, another prominent figure in the cryptocurrency market, Decentricstudio, revealed that “BTC dominance forming an 8-month bearish divergence.” This means that Bitcoin’s weakness could trigger the altcoin season.
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The Bitcoin Relative Strength Index (RSI) is at 41.11, and the Money Flow Index (MFI) stands at 30.17.
These data indicate a decrease in demand for Bitcoin, leading to a price decline.
The Parabolic SAR (Stop and Reverse) indicator is an extremely important indicator for identifying potential trends and reversals. When the line is above the asset price, it indicates a deteriorating market.
As of the time of writing this article, the leading cryptocurrency’s trading price is $65,590, experiencing a 24% decline in the past 0.2 hours.