Is it “Alt Szn” yet? The ‘Bitcoin Birch’ thinks a serious Altcoin move is in the making.
When Bitcoin’s sudden surge back in April pulled the crypto market from a long winter, many thought that things were about to get hot in the Altcoin space, and that got even more fuel after some cryptos like Binance Coin (BNB) and Litecoin (LTC) staged a price action of their own without Bitcoin’s influence. However, it now seems that altcoins are still subject to BTC’s influence.
That notion is now fanned by one crypto investor going by the twitter handle @BitcoinBirch. In a tweet, Bitcoin Birch argued that Bitcoin’s market dominance has been known to influence the Altcoin market. He mentioned 2017 as one period when something like that happened.
What Happened In March 2017?
In March 2017, Bitcoin’s market dominance was the talk of the town. The top crypto had beaten back the Altcoins to reach 70% of total market dominance. However, things changed very fast not long after. Apparently, according to Bitcoin Birch, the increase in BTC’s dominance spurred an Altcoin price action that culminated in the biggest Altcoin season in history.
At the moment, Bitcoin’s market-dominant stands at an impressive 69.2%, the current market-wide slump looks favorable for Bitcoin to snatch up some more top 70%. In Birch’s opinion, when this happens, the Altcoin season will kick in.
The intriguing view attracted many responses from people with varying perspectives. One fan said that the Altcoin season will only happen when BTC achieves a new ATH.
Another one was skeptical that Bitcoin’s market dominance could actually be seen as a sign of an oncoming Alt season.
Still, there were those who expressed optimism that the bull market could really be in the offing. However, whether the relation between Bitcoin’s market dominance and the prevalence of a big Altcoin season is true is yet to be determined.