As the US Presidential Election draws near, Bitcoin’s dominance over the cryptocurrency market is rising. This potentially dampens hopes for an altcoin season.

Bitcoin’s dominance, measured by BTC.D, has climbed to its highest level since 2021. This surge coincides with significant capital inflows into Bitcoin ETFs and a relatively stagnant performance of many altcoins.

Bitcoin For the Win

Bitcoin dominance measures the coin’s market capitalization relative to the total market capitalization of all other cryptocurrencies. As of this writing, it sits at 59.77, its highest level since April 2021. 

When BTC.D climbs, Bitcoin’s share of the total cryptocurrency market capitalization is increasing relative to altcoins. BeInCrypto’s assessment of its key momentum indicators confirms the strengthening bullish bias toward the leading coin and the likelihood of extended dominance. 

Read more: Which Are the Best Altcoins To Invest in October 2024?

For example, readings from the BTC.D’s moving average convergence/divergence (MACD) show its MACD (blue) resting above its signal line (orange) as of this writing. 

This setup suggests that Bitcoin is currently seeing increasing strength within the crypto market, outpacing altcoins in terms of market cap share. It indicates that the current market conditions are less conducive for an altcoin season, with Bitcoin likely to outperform many of these assets in the near term.

Demand for Bitcoin spot exc

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Author: Abiodun Oladokun