In a Bitcoin rally that seems not to have completely diminished yet, analysts are seeing an interesting kind of market dominance on the part of the front-running cryptocurrency.
Satoshi’s creation has household familiarity in a way that other coins don’t – but that’s only part of the equation.
Bitcoin’s recent activity is not a case of industrywide gains, where the rising tide lifts all boats. We saw that kind of cryptocurrency boom earlier in the year, but Bitcoin’s recent price gains, and particularly those today as Bitcoin hit $24,000 before a pullback, are not corresponding to gains for other coins across the board.
At Cryptopotato, George Georgiev talks about an altcoin season deferred, or in his words, “postponed.”
“Those who were looking forward to an altcoin season would certainly have to wait longer as Bitcoin’s dominance continues to surge,” Georgiev writes. “Meanwhile, the majority of cryptocurrencies are bleeding heavily against BTC.”
Some alternative cryptocurrencies are battling their own demons – for example, there’s Ripple’s struggle with the SEC.
Yesterday, Cointelegraph’s Jon Rice suggested that the SEC is “just one in a long line of plaintiffs” set against Brad Garlinghouse and company.
“Bitcoin (BTC) and Ether (ETH) have both escaped SEC enforcement due to their decentralized nature,” Rice writes. “However, XRP, the token associated with Ripple, has long been criticized by some members of the crypto community as highly centralized.”
However, chart activity also shows that Ethereum is down quite a bit, and that crypto currency doesn’t have anything going on with regulators at the moment – at least nothing of the same degree that you’d think would be depressing its value in a bull run.
One holdout in today’s market is Litecoin, where the digital asset strikes near all-time highs today.
However, we would concur that it’s not altcoin season right now. With Bitcoin dominance at a seven month high, there’s really only one game in town in today’s crypto trading environment.
