Bitcoin dominance (BTC) in the cryptocurrency market rebounded up to 59%, reaching levels not seen from the beginning of August, when the metric first declined from 60%.
The rebound coincides with the strength of the price of Bitcoin, which remained until September 30 over $ 114,000 and increased to USD 117,000 after the closure of the Federal Government of the United States was known this October 1, earlier reported earlier.
This behavior Alcista in the dominance of BTC indicates a healthier structure, according to the Glassnode analysis and research firm, since historically The rebounds led by Bitcoin have shown greater sustainability than those driven by Altcoins.
Currently, the metric is located at 58.8%, which reinforces BTC’s tendency against the rest of the market. Although, it is worth clarifying, dominance collapsed from 59.1% this Wednesday, October 1, as seen in the following graph:
The immediate consequence of this movement is the departure of an Altseason. The index that measures the Altseason is found in 56, below the threshold of 75 necessary to declare it.
According to him indicatorprovided by Coinmarketcap, is considered Altseason If 75% of the 100 main cryptocurrencies exceed BTC in performance During the last 90 days, excluding stablcoins such as USDT and USDC, as well as tokens backed by assets such as WBTC, Steth or Clink.
In September, an Altseason was briefly declared between days 17 and 19, but the trend changed after the recovery of Bitcoin. Since then, the index has remained at levels below the required range, which shows that BTC domain in the market limits the advance of the Altcoins.
In this way, the market structure is configured with BTC as the main engine, with a dominance close to 59% and a price that remains stable in the range of $ 117,000. The Altseason, meanwhile, remains distant, without conditions to consolidate in the short term.