Coinspeaker
Bitcoin Dominance Peaked, Says Analyst, Altcoins to Take Charge?

The world’s largest cryptocurrency Bitcoin has come under strong selling pressure extending its weekly losses to more than 10%. Soon after the FOMC meeting on Wednesday, May 1, Bitcoin (BTC) price tanked another 5% dropping to the lows of $56,500, before bouncing back partially. Popular crypto analyst Michaël van de Poppe recently stated that the “Bitcoin dominance has already peaked” while it’s time for altcoins to shine. “Altcoins start to wake up in their Bitcoin pairs, which means that the rotation is started,” he added.

Usually, a drop in the Bitcoin market dominance signals market participants that an altcoin market rally is around the corner since investors shift their capital from BTC to altcoins. Considering the huge size of the Bitcoin market cap, the BTC dominance currently in the market stands at around 53.9%. This is after the 1.75% drop in dominance registered over the last week. Despite this, the BTC dominance in the broader crypto market is up over 4.6% since the beginning of 2024.

Several market analysts have pointed out the drop in BTC dominance recently. Crypto trader Matthew Hyland noted a significant loss of support in Bitcoin dominance and express...