Opinion: Bitcoin's Market Dominance Declines, But It Doesn't Mean "Altcoin Season" Is Coming

On May 17, Bitcoin's dominance in the cryptocurrency market (BTC Dominance) has recently declined, but analysts point out that this does not mean the "altcoin season" is imminent. Grayscale's Head of Research, Zach Pandl, stated that Bitcoin's dominance might rise when the market focuses on macroeconomic instability and risks facing the dollar; conversely, it might decline when the market focuses on various applications of blockchain technology and innovations in the crypto space.
Zach Pandl added, "In the next 9 to 12 months, Bitcoin's dominance is more likely to stabilize around 60% to 70% of the overall market rather than decline significantly. Over the next approximately 9 to 12 months, Bitcoin's market share is more likely to stabilize between 60% to 70% of the overall crypto market rather than experience a significant drop. This judgment is not easy, as both Bitcoin and altcoins have different favorable factors that could play a role. From a macro perspective, we are bullish on Bitcoin; from the standpoint of technological development and user adoption, we are also optimistic about altcoins. My basic assumption is that Bitcoin's dominance will begin to stabilize from now on." (Decrypt)