Most cryptocurrencies other than bitcoin have been languishing in crypto winter for over two years. This is particularly true for alternative coins, or altcoins, in their bitcoin (BTC) pairs. Most have lost over 90 percent of their value from their peak.
However, the winds appear to be changing. Many altcoins have lost so much value that they look ready to start a new market cycle. This prompted a handful of reputable traders on Crypto Twitter (CT) to start feeling bullish about the prospects of these coins. They believe that an altcoin season, or altseason, is on the horizon.
One way experienced crypto traders predict the possibility of an altcoin season is by looking at the Bitcoin Dominance Index. This index measures the market cap of bitcoin against the overall market cap of all cryptocurrencies.
A slumping bitcoin dominance index strongly suggests an incoming altseason. This tells us that altcoins are rising in value against bitcoin.
Crypto enthusiast Paddy Stash has been keeping a close eye on the index. The analyst sees the index breaking down in the next few days. Read More...