When Alsteason? That’s the question asked by most of the crypto community as they await the next altcoin bull market.
However, if another altseason is to occur, Bitcoin (BTC) will likely begin to lose a share of its market dominance. This has not been the case throughout 2019, as Bitcoin’s dominance has remained stubbornly high, even hitting 70% of the total market in recent months.
That being said, altcoins have started to claw back market share in recent weeks. As pointed out by Twitter crypto analyst Beastlorion, Bitcoin’s recent dominance fractal is incredibly similar to the pattern observed right before 2017’s major bull run, which saw Bitcoin surge to $20,000 and the altcoin market soar.
Time to pay attention! O_O pic.twitter.com/pXsvbYwiRD
— Beastlorion (@Beastlyorion) November 13, 2019
In the 2016-2017 fractal shown in the tweets above, Bitcoin’s dominance drops from the low 70% range to below 50% before tumbling further to around 37% (not shown). Of course, this is based on what occurred in 2017 when Bitcoin surged to $20K, then took a breather, allowing altcoins to gain further market share before the bubble burst.
While previous market events are not indicative of future outcomes, the fractal from 2017 serves as a jumping-off point for modeling the current market. Whether the altseason will be as extreme as last time or occur at all, remains to be seen.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.