On Friday, November 15, Bitcoin’s (BTC) dominance — a metric tracking the cryptocurrency’s share of the overall market — showed readiness to climb to 65%. However, this scenario did not happen as Bitcoin’s price fell short of retesting $93,000, suggesting that the altcoin season cycle could be here.

This stagnation seems to have created an opportunity for altcoins, which have lagged significantly behind BTC. The pressing question now is whether Bitcoin dominance will continue to decline as altcoin prices surge.

Bitcoin Steps Back Amid Greedy Market

As of this writing, Bitcoin’s dominance has dropped to 60%. This decline contradicts some analysts’ expectations that Bitcoin’s price might rise as high as $100,000 within a few days.

According to BeInCrypto’s findings, this fall could also be linked to the rising performance of altcoins. Some days ago, the altcoin season index was 33. Today, according to data from Blockchaincenter, it has risen to 39.

This increase suggests that more altcoins within the top 50 are outperforming Bitcoin (BTC). Tokens like Bonk (BONK) and Ripple (XRP) have maintained their upward momentum, contributing to both the rise in altcoin’s market cap and the subsequent decline in Bitcoin dominance.

Further, the market’s extreme greed could have implications for Bitcoin’s trajectory. Currently, the Crypto Fear and Greed Index, which primarily gauges Bitcoin sentiment, has reached a striking “Extreme Greed” level of 90.

“Extreme Fear” typically indicates heightened investor anxiety, which can present a potential buying opportunity. Conversely, when investors become overly greedy, it typically indicates that the market may be ripe for a correc

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Author: Victor Olanrewaju