Navigate This ArticleToggleBitcoin Dominance and the Altcoin Season Index ExplainedWhat Are Analysts Saying?Altcoin Season Could Begin When BTC.D Drops to 54, Analyst ClaimsBitcoin Dominance (BTC.D) is declining as the Altcoin Season Index continues to rise, leaving many to wonder whether investors’ interest has shifted to coins other than BTC, potentially triggering the start of the long-awaited altcoin season.According to data from TradingView, BTC.D has plunged from 61% at the start of November to 58.7% as of this writing. During the same period, the Altcoin Season Index has risen to 47, a level it last saw in mid-October.Bitcoin Dominance and the Altcoin Season Index ExplainedFor starters, BTC.D represents Bitcoin’s share of the entire crypto market cap, and it helps traders understand how capital is moving between the coin and other cryptocurrencies. The Altcoin Season Index, on the other hand, tracks the top 100 digital assets by market cap to gauge whether they are outperforming BTC within a particular period. If the Index shows a score of at least 75%, it means that the altcoin season has started.The Altcoin Season Index has been rising steadily over the past seven days as Bitcoin’s price plummets below key support levels. However, this doesn’t signal an incoming rally in coins other than BTC. Instead, it indicates that Bitcoin is declining at a faster rate than altcoins in the ongoing marketwide downtrend.What Are Analysts Saying?Crypto analyst ChartingGuy has noted that BTC.D’s weekly chart is turning bearish again, suggesting that Bitcoin may continue to witness its market dominance decline in the coming days. According to him, if BTC.D falls further and cryptoassets fail to stage recovery rallies, Bitcoin is likely to crash harder than altcoins. However, ChartingGuy expects Ethereum and other altcoins to outperform BTC once market conditions improve.Altcoin Season Could Begin When BTC.D Drops to 54, Analyst ClaimsMeanwhile, another market researcher, Gert Van Lagen, says BTC.D has broken below a 3-year uptrend line and anticipates it moving to the 54 mark, for the first time in nearly a year. He claims that such a move would mean capital is leaving Bitcoin and entering into other coins, potentially setting the stage for a massive altcoin performance.The post Is Altcoin Season Near? Bitcoin Dominance Drops as Index Reaches Monthly High first appeared on Tokenhell.