The current market share at 41% is the lowest for Bitcoin since January 2022
Data from CoinMarketCap shows that Bitcoin dominance has fallen to a 6-month low, technically announcing the return of the ‘alt season.’ BTC’s current market share stands at 41%, the lowest since mid-January.
Source: TradingView | Bitcoin Dominance chart on a 1-week timeframe
After recovering from the losses post the Terra-UST collapse, altcoins have charted considerable price rallies in the last months. While Bitcoin slumped to $17,600 – its 18-month low, Ethereum – the largest altcoin, is grabbing the limelight ahead of the Merge upgrade. Ethereum’s market share stands at 19%, up from mid-June’s 14.3%. Also, the Altcoin Season Index at 94/100 shows a promising season for altcoins against Bitcoin as an investment in the coming months.