SOL, LUNA, AVAX, ETH- Analyzing the probability of an #altseason

ambcrypto.com:

The bloodbath in the crypto space has affected many rallies which were initially primed to slice the consolidation and range high. Such was the case with SOL, LUNA, AVAX. These altcoins performed well over the past few weeks. At the time, it seemed like the market was in an alt season.

To answer the question, one needs to look at the king coin. Bitcoin’s market dominance continued to increase as the ratio inclined above the 41% mark. At press time, the ratio stood at 41.56% according to data from TradingView. Bitcoin (BTC) market dominance refers to the ratio between BTC’s market capitalization and the total crypto market cap.

Now, since crypto is a zero-sum game- someone’s gain tends to be someone’s loss. And, that’s exactly the scenario here.

Source: Twitter

As per Glassnode’s tweet, “Bitcoin is priced a potential 50bps hike delaying the brewing altcoin season. Risk easing going into the weekend, but beware of the slow activity.” This delay remains evident in the graph above.

The typical bull run includes Bitcoin and altcoins rallying together. However, in actuality, when BTC starts pumping heavily, altcoins take a backseat and only rally when the big crypto cools down for the next leg-up. BTC remains the king irrespective. Now, to support this narrative, here’s another instance.

Consider the altcoin season index. You might ask if it’s altseason yet? And, the answer is ‘no’.

Source: blockchain.net

An alt season only commences when 75% of the top 50 coins [excluding stablecoins] perform better than Bitcoin over the last season [90 days]. At press time, the numbers stood at 41.

Of late, there have undoubtedly been hiccups, but on the macro-frame, things seem to be still intact for the king-coin.

Despite Ethereum showcasing its