Bitcoin Dominance Surges to 64.67%: Is a New Bull Market for Altcoins on the Horizon?

As of April 23rd, COINOTAG reports that Bitcoin Dominance (BTC.D) has rallied to 64.67%, marking the highest level since February 2021. Following this peak, it has slightly adjusted to 64.30%. The heightened Bitcoin Dominance signals a lull in the altcoin market, potentially indicating an upcoming trend reversal. Historical trends reveal that similar moves above 60% have preceded bullish phases for altcoins. For instance, last November’s spike was quickly succeeded by a short-term altcoin rally. Notably, when the dominance metric exceeded 70% in previous cycles, significant broader market uptrends were observed in both 2019 and 2021. These patterns suggest that investors should closely monitor Bitcoin’s performance as it often acts as a precursor to key market shifts within the cryptocurrency landscape.