Zooming out a bit here on the dominance chart looking at the 3-day timeframe, you can’t really grasp the entirety of the Bitcoin Dominance chart if you’re looking at the 1-hour timeframe. Ok in the past i’ve done multiple breakdowns before with this same chart and timeframe, but I enjoy updating this chart every month or so for you guys and me to look at. After the altcoin season in 2017, the BTC dominance ratio dropped to a record low of 35.75% and I drew a line of support there as well as an uptrend connecting from the swing low of that move to the next swing low. Finally two years later since i’ve had this line drawn out and the ratio peaked at around 72%, the 3rd point confirming the uptrend finally came into play and touched the top of the trend. These next few weeks are going to tell us now if we’re having an altcoin season this year or just being teased again. Are we going to see Bitcoin dominance spike back up and see a new inflow of money into BTC instead of an altcoin season? kinda unlikely now, as the general trend on the 2-Day is bearish. Bearish as in decreasing % dominance, not Bitcoin going down. I believe that BTC will still rise in price but these altcoins more specifically DeFi projects such as the new UNI token that just dropped on exchanges yesterday proves the hype into these new projects. The DeFi craze is definitely real right now. This trend line that is currently teasing us should break and could see another 2017 altcoin season here pretty soon. The hype of the 2017 altcoin season is definitely here with exchanges like Binance & BitMEX putting out record numbers of users per month.
