Cryptocurrency markets are reshaping following last week’s significant correction. Founders of the analytics firm Glassnode, Jan Happel and Yann Allemann, announced that the altcoin market is at a critical juncture. Through social media platform X, the duo noted that Bitcoin’s market dominance is increasing, putting altcoins at risk of losing upward momentum.
Bitcoin’s Dominance Pressures Altcoins
The Glassnode founders highlighted that Bitcoin’s dominance has risen to 59%. Bitcoin 
$93,753 Dominance (BTC.D) expresses Bitcoin’s weight in the crypto market. Happel and Allemann stated, “As Bitcoin’s dominance increases, we observe that altcoins are losing their support levels. This indicates that BTC is in a strong environment and poses risks for altcoins.”
In the current market conditions, Bitcoin enables traders to take less risk. However, this adversely impacts altcoin performance. Altcoin traders may need to reassess their strategies while monitoring market trends.
Long-Term Bitcoin Holders Begin to Sell
Glassnode’s analysts are drawing attention to changes in Bitcoin holders’ behaviors. Data indicates that long-term holders have started selling their assets. During this process, short-term investors are becoming active while whales are quietly accumulating.
With Bitcoin’s price falling below $100,000, altcoins have experienced a quicker decline in value. Experts believe this could signal the end of the altcoin season. Traders emphasize that for the altcoin market to recover, Bitcoin must establish stable price movements.
Market experts stress that Bitcoin’s leadership will continue to shape overall trends in cryptocurrency markets. If the altcoin season comes to an end, traders are expected to revise their risk management strategies.
