Bitcoin Dominance Plummets in May While Altcoins Create Golden Cross

The current trend indicates a positive outlook for cryptocurrencies other than Bitcoin. A similar scenario occurred in 2021 when numerous prominent altcoins rewarded investors with an astounding 28,000% return by the end of that market cycle.

Bitcoin’s Market Share Dips by 4%

Between May 7 and May 13, Bitcoin’s share of the market decreased from 65% to 61%, as reported by TradingView. Since 2021, this 65% dominance over alternative cryptocurrencies has not been seen in the market.

That particular year is often referred to as the altseason by cryptocurrency enthusiasts, which saw Dogecoin’s value soar by tens of thousands of percent within a year.

In 2021, a $100 investment in Shiba Inu skyrocketed to more than $14 million by March 2023. This remarkable rise began when two unemployed brothers from Westchester, NY, invested $8,000 in Shiba Inu upon the recommendation of a family friend.

Hundreds of trillions of dollars exist in the market.

Only 21 million units of Bitcoin are available.

Consider the implications.

Proponents of Bitcoin like to emphasize the numbers. Although a 4% decline in Bitcoin dominance might appear nominal, it represents a global currency valued at approximately two trillion dollars as of May 7.

This translates to around an $80 billion reduction in market share compared to altcoins within just six days. Interestingly, Bitcoin’s price and market capitalization actually increased by 7% during this same period, despite its reduced dominance.

Altcoins Display Promising Golden Cross Pattern

In parallel, an index tracking altcoin prices established a golden cross in May, which may indicate the beginning of a strong bullish phase.

As noted by a well-known crypto analyst on YouTube, the total market capitalization for key altcoins generated a golden cross, wherein a shorter moving average surpasses a longer one in value.

Altseason is on the horizon. The golden cross has occurred.

When this happened in 2021, altcoins surged by 28,000%.

If the current cycle mirrors the last, don’t miss out.

The moving average represents a constantly updated mean of a cryptocurrency’s prices over a specified duration, utilized by traders to gauge market trends.

If past performance is anything to go by, the total market capitalization for altcoins could surpass $5 trillion by 2026. Here are five additional indicators suggesting that an altseason could be imminent.