According to data CoinGecko, Bitcoin’s dominance index fell to 48.57%. That level last occurred in late March 2019.
Historically, it is said that a decline in Bitcoin’s market share to less than half of the overall cryptocurrency market capitalization signals the start of the altseason.
Since the start of the year, digital gold has risen about 90%. On 14 April the price set a historical high above $64,000. After a sharp drop, which occurred on 18 April, the flagship trades at around $55,000.
The biggest altcoins in recent months have shown higher returns. On 22 April Ethereum broke the $2,600 mark, the asset has risen almost 3.5 times since the start of the year.
In recent weeks, quotes for Binance Coin, Bitcoin Cash, Dogecoin and other coins have risen to record highs.
Earlier, Guggenheim Partners’ investment chief Scott Minerd warned of the possibility of a Bitcoin correction to $20,000-$30,000. In the long run, the flagship has no doubt.
In addition, JPMorgan strategist Nikolaos Panigirtzoglou warned of the possibility of a deep correction in Bitcoin’s price. The bank’s long-term target is $130,000.
Earlier in April, experts shared with ForkLog their views on the prospects of the altcoin season.