Bitcoin Dominance Below 50%. Altcoin Season Coming?

• The prices of Bitcoin (BTC) and Ethereum (ETH) remained “steady” over the past week.
• The altcoin season continues to persist as per date in the meantime.

The popular crypto analytics platform Santiment highlighted the steady performance of Bitcoin (BTC) and Ethereum (ETH) over the past week. These largest market cap rank holders displayed no successful bounce from their apparent consolidation price ranges. Also, considerably BTC’s dominance is again below 50%. 

  The Steadiness in BTC and ETH

The largest cryptocurrency, Bitcoin (BTC), remains to maintain its price movement in the range of $29.3K to $29.8K since the last week. While the second largest — Ethereum (ETH) — experienced fluctuations within the consolidated range of $1.83K and $1.87K. 

Comparison of Price: BTC [Blue] vs ETH [Red] (Source: CoinMarketCap)

This period of reduced volatility continues to display positive surges in the daily trading volume of these dominant cryptocurrencies. BTC recorded a daily trading volume of over $10.53 billion, after surging 73.64% in the past 24 hours. Meanwhile, ETH noted a surge of over 84.25% to attain a daily trading volume of $3.95 billion.

Furthermore, the social volume has drifted to a drag of 10.8% in BTC and 23.04% in ETH, as per Santiment. Despite the steady movement of BTC and ETH, other altcoins ‘outside of the top 20’ market caps do register notable declines. 

Certain Altcoins Show Max Bullish Levels

But out of numerous altcoins, most memecoins have achieved their max peaks in market capitalization. Particularly, Pepe (PEPE) reigns on top. This viral memecoin surprises the community with its daily trading volume displaying a rise of at least 40% every 24 hours. 

Pepe (PEPE) 24H Price Chart (Source: CoinMarketCap) 

In the last 24-hour window, the memecoin’s volume noted a surge of over 70%. At press time, PEPE traded at a price of $0.00000142 with a 24-hour gain of nearly 7%. The hyped memecoin community bets more on a bullish PEPE price prediction.

The next top-performing altcoin was the Hedera (HBAR). Remarkably, HBAR is being spotted as the gainer of the day with a 14% surge in the last 24 hours. The jaw-dropping surge in this altcoin’s daily trading volume garnered great attention. As per CoinMarketCap data, Hedera recorded an increase of over 914% in its trading volume. 

Hedera (HBAR) 24H Price Chart (Source: CoinMarketCap)

At the time of writing, Hedera’s (HBAR) price was at $0.06431 with a market cap of $2.11 billion and a daily trading volume of $179 million.

In conclusion, such remarkable yet speculative pumps and the overall altcoin season continue to capture the attention of the crypto community.