I went down, down, down and the flames went higher! And it burns, burns, burns, the ring of fire!
Normally the crypto market is pumping on Fridays but not today. Oh well, there's always next week.
BTC Dominance is quickly approaching the 50% mark as other major coins continue to outperform Bitcoin.
Keeping an eye on BTC dominance is helpful for understanding where we are in the larger crypto macro cycle. As it stands we are currently dipping our toes into this cycles Alt Season, by pretty much all indicators at this point.
Pending a major reversal that last a number of weeks all signs point to Alt Season being here to stay. That said this is crypto and things can always change quickly.
Thought this song might be appropriate today for a number of reasons, BTC dominance going down like a sinking ship, and BTC price crashing nearly 25% in the last week alone.
For more info you can check out this previous post When Alt Season?
Alt season is a phase within the larger crypto macro cycle when alt coins rapidly increase in price outperforming Bitcoin and the dollar.
There are a few different alt season trackers out there that use a slightly different combination of metrics to track and determine alt season but it all boils down to the BTC market cap dominance loosing ground against other top coins (Top 100?).
The last Alt Season was late December 2017 and into early January 2018 preceding this past crypto winter.
Ciao for now,
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