Analyst Claims Bitcoin’s $2 Trillion Market Value May Decrease as Altcoin Season Gains Momentum in June.

Bitcoin’s (BTC) market dominance has significantly decreased this month, leading to speculation about a potential rally for alternative cryptocurrencies, a scenario often referred to as “alt season.”

Joao Wedson, the CEO and founder of the analytics platform Alphractal, anticipates that a substantial alt season will emerge in June.

The dominance metric for Bitcoin, which assesses its proportion of the total cryptocurrency market, has slipped from approximately 65% to 62% over the course of a week. This marks the end of a lengthy five-month growth trend, as highlighted by analytics from TradingView.

In parallel, the overall cryptocurrency market capitalization rose from $2.90 trillion to $3.24 trillion during this time.

This development indicates that investor attention may be shifting away from Bitcoin, favoring various other cryptocurrencies.

According to Wedson, the altcoin season is already in motion, and a quick decline in Bitcoin’s dominance is expected in the near future. His specialized index tracking 57 altcoins reveals that 37 of these have outperformed Bitcoin over the last two months.

“Despite the possibility of Bitcoin declining in the upcoming weeks, the majority of altcoins have likely reached their lows, making it improbable for them to drop below their recent price points. A portion of Bitcoin’s substantial market cap is expected to transition into altcoins. It’s crucial to evaluate your altcoin in relation to BTC pairs (like ETH/BTC or COTI/BTC),” Wedson stated in a comprehensive post on X.

However, broader indicators suggest that the overall bullish trend has not yet extended significantly beyond Bitcoin. For instance, CoinMarketCap’s altcoin index, focusing on the top 100 cryptocurrencies, remains stagnant at 27, indicating a “Bitcoin season.”