Bitcoin [BTC] Dominance Drops, Hinting at a Possible Altcoin Season in December 2024

Bitcoin [BTC] investors have been waiting for a long time to see the king coin hit $100k, but it's taking too much time. Could this wait be any longer? Well, a few recent updates could push BTC into the backseat and allow altcoins to shine in December 2024.

Bitcoin [BTC] investors have been eagerly awaiting the day when the king coin finally breaches the $100k mark, but the anticipation is proving to be a test of patience. Could this wait be extended any further? Well, a few recent updates might push BTC to the backseat and allow altcoins to have their moment of glory in December 2024.

Does this herald the arrival of a fresh altcoin season?

Bitcoin’s dominance is waning

Over the last few days, Bitcoin has been seen consolidating close to the $96k price range. This has led to a massive drop in the king coin’s volatility. This decrease in volatility has paved the way for another major development.

Captain Faibik, a well-known crypto analyst, recently took to Twitter to highlight this occurrence. According to his observation, Bitcoin’s dominance has been charting a rising wedge pattern since the beginning of 2022.

Recently, the chart broke out of this pattern but to the south, hinting at a rise for altcoins. In fact, Captain Faibik went on to mention a 2024-2025 altcoin season in the tweet.

Source: X

Is an altcoin season really upon us?

The decline in BTC’s dominance is, in fact, helping altcoins increase their own market share. As previously reported by AMBCrypto, many are speculating that a fresh altcoin season might be on the horizon. While the odds do favor its occurrence in 2025, recent events suggest that it might arrive sooner than anticipated.

Or, it might have already begun. For instance, Ethereum [ETH], the king of altcoins, remained bullish over the last 24 hours as bulls pushed its price up by more than 3%. Other alts with large market capitalizations also saw promising performances.

Leading the pack was XRP, with gains of over 12% in the last 24 hours alone.

Furthermore, AMBCrypto’s analysis revealed that the altcoin season index registered a sharp uptick and reached 67, at press time. For perspective, a value closer to 75 indicates an altcoin season.

Source: Blockchaincenter

Considering that Ethereum is the market’s top altcoin, AMBCrypto aimed to examine it to determine whether its on-chain data hinted at a sustained bull rally. An assessment of the same could help pinpoint the upcoming altcoin season.

Well, despite its recent price increase, ETH’s NVT ratio remained at lower levels. A decline in this metric suggests that an asset is undervalued, hinting at a sustained price hike.

Source: Glassnode

According to the altcoin’s daily chart, it was testing its resistance at press time. However, the concern was that its Relative Strength Index (RSI) was on the verge of entering the overbought zone. This could trigger a selling spree and restrict the token from moving further up the charts.

Read Ethereum [ETH] Price Prediction 2024-2025

Hence, while most metrics and market conditions hint at an altcoin season, it still remains to be seen whether it will occur in the short-term.

Source: TradingView