CandleFocus Real Bitcoin (BTC) dominance falls against other proof-of-work coins
2024-12-13
Author: Content Editor
The Bitcoin dominance metric, which measures BTC against a basket of mined coins, suggests that altcoins may outperform Bitcoin and indicates a potential market peak. The metric excludes ICO tokens, stablecoins, and random outperforming tokens to provide a clearer index of BTC's direction and the overall market. The peak of BTC dominance was seen around November 20 before shrinking to 69.7%. Other mined coins and tokens, including Dogecoin and Verge, have shown breakouts and rallies. However, the recent performance of most assets suggests a stall in the altcoin rally. The altcoin season index fell from a peak of 89 points to 67 points, indicating that BTC remains the leading narrative. The exact parameters and duration of the altcoin season are uncertain, with some predictions suggesting the rally could continue into Q1 2025, while others believe attention and funds have shifted to meme supercycles and the Solana ecosystem. Mining assets have demonstrated their ability to survive long-term with support from large pools.
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