Bitcoin dominance drops, is it time for altcoins now?

The crypto market has picked up considerably in recent months, with Bitcoin (BTC) largely leading the way. However, several industry commentators now believe that it is now time for altcoins to take center stage as king coin dominance is falling, typically giving way to greater capital inflows to altcoins.

Bitcoin dominance drops to 47%

Last week, Bitcoin’s market cap dominance was rejected at the top of a multi-year weekly range, falling from around 48.86% to 47.04% at the time of writing, according to data from TradingView.

The drop has led several notable members of the crypto community to speculate that altcoins will yield huge profits. As a result, the hashtag #AltcoinSeason has been trending on Twitter since the weekend.

A price increase among popular altcoins in the past 24 hours has also sparked speculation. BNB, SOL and AVAX are up 3.72%, 3.68% and 6.39% respectively in the past 24 hours, according to CoinMarketCap data. However, not all market participants are optimistic.

Analyst is skeptical

Amid the social media hype, prominent crypto analyst “Duo Nine” has urged members of the crypto community to insisted to take Bitcoin price action into account before announcing the next altseason.

In a tweet on April 17, Duo Nine opined that he was skeptical of a significant increase in altcoin prices until Bitcoin finds support in the latest price correction. He warned that a break below the USD 28,000 price could cause a crash in altcoin prices.

Bitcoin price back to $25,000?

At the time of writing, Bitcoin is trading for $29,899.10 on mainstream exchanges per CoinMarketCap data, representing a 1.61% drop in the past 24 hours. However, Duo Nine’s analysis suggests that Bitcoin’s price could easily return to $25,000 if it failed to find support near $28,000. The analyst further emphasized that regardless of Bitcoin’s dominance, crypto markets have historically moved with Bitcoin’s price.

Ali Martinez, another prominent crypto analyst, has suggested that Bitcoin could find support around $29,330 as 700,000 addresses bought 390,000 BTC within the price range of $29,330-$30,200. In the April 16 tweet, Martinez claimed that the next support is in the $27,600-$28,450 price range.

While the analyst previously predicted Bitcoin heading towards $34,000, he underlined that the leading digital asset would face resistance in the $30,270-$32,150 range.