Today in the crypto market we mainly see the prices of decentralized finance (DeFi) tokens on Ethereum (ETH) rising. Maker (MKR) is no less than 30% in the plus, Uniswap (UNI) 18% and Compound (COMP) 15%. Ethereum itself is up 8% and rival Solana (SOL) is also doing very well.
However, Bitcoin (BTC) appears to be stuck in a downtrend and the bitcoin price dipped again below $ 53,000 last night. Less than a week ago, bitcoin hit a new all-time high (ATH) of $ 64,800
As a result, bitcoin’s market dominance has dipped below 50% for the first time in no less than three years. Data from Coingecko shows that at the time of writing, bitcoin’s dominance has even dropped to 48.5%. In December 2020, this was still above 70%.
In the crypto market, this is labeled as the start of the “real altcoin season” and could be accompanied by exorbitant altcoin price increases. We saw this happen in mid-2017 and again at the beginning of 2018.
However, opinions on this among analysts seem to be very divided. According to some analysts, the altcoin season had already started at the beginning of February, when we already saw some prices explode. There are also analysts who say that the bitcoin price will soon rise again and with it the dominance of bitcoin.