Analyst: Altcoin Frenzy Could Arrive in June

BlockBeats News, May 15th, the market dominance of Bitcoin has significantly decreased this month, igniting the full-scale altseason or the hope of a bull market expansion beyond BTC, boosting the valuation of other sectors in the digital asset market. Joao Wedson, CEO and founder of the crypto data analysis platform Alphractal, expects that June will usher in a full-blown altcoin season.

Bitcoin's dominance rate (a measure of the leading cryptocurrency's share of the overall digital asset market) dropped from about 65% to 62% in a week, ending a five-month upward trend. Meanwhile, the total crypto market cap increased from $2.9 trillion to $3.24 trillion.

This contrast indicates that investor interest has shifted from Bitcoin to some alternative coins. According to Wedson's analysis, the altcoin season has already begun, and Bitcoin's dominance rate is expected to plummet rapidly in the coming months. Wedson's proprietary Altcoin Season Index (focused on 57 selected altcoins) shows that in the past 60 days, 37 of these altcoins have outperformed BTC.

In a detailed post on Twitter, Wedson stated: "Even if BTC drops in the coming weeks, most altcoins have bottomed out and are unlikely to fall below recent price levels. A portion of Bitcoin's $2 trillion market cap is likely to flow into altcoins. Therefore, make sure to analyze your altcoin in relation to BTC trading pairs (e.g., ETH/BTC or COTI/BTC)."

However, more comprehensive indicators show that the bull market has not yet expanded beyond BTC. For example, CoinMarketCap's Altcoin Index (focused on the top 100 coins) is still at 27, indicating that it is still the "Bitcoin season."