NewsBTC 2024-11-19 23:00:00

Bitcoin Dominance Sliding Below This Level Could Signal Start Of Altseason, Trading Firm Says

Bitcoin (BTC) continues its historic price trajectory, trading in the low $90,000 range at the time of writing. However, a trading firm suggests that Bitcoin dominance (BTC.D) falling below a crucial level could signal the start of the long-anticipated altcoin season. Interest Rate Cuts, Trump Administration To Propel Crypto In a recent Telegram broadcast, Singapore-based trading firm QCP Capital shared its crypto market analysis. The firm highlighted Solana’s (SOL) recent performance, noting that it outpaced Bitcoin and Ethereum (ETH) over the weekend, surging more than 17% from Friday’s lows. Related Reading: Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why Despite this, QCP Capital acknowledged that many investors remain hesitant to embrace the prospect of an imminent alt season, given Bitcoin’s steady climb toward the psychologically significant $100,000 mark. Rekt Capital’s analysis supports this sentiment, suggesting BTC is just beginning its parabolic phase. QCP Capital, however, predicted that a combination of Donald Trump’s victory in the US presidential election and interest rate cuts by the Federal Reserve (Fed) could set the stage for a full-blown altcoin season in the coming months. Trading Firm Identifies Key Bitcoin Dominance Threshold For Altseason According to QCP Capital, altcoins historically outperform major cryptocurrencies once the latter consolidate after significant rallies. The firm explained: Historically, we’ve seen altcoins outperform whenever the majors consolidate after a significant rally as profits rotate into smaller-cap coins. BTC’s dominance is around 60% now and it will probably need to be around