BTC’s price surge since November 2022 has gained roughly 80% of its market cap and surpassed the $28k mark. The recent banking crisis phenomenon played a role in the surge since Bitcoin was initially created in response to the 2008 financial crisis. Credit Suisse, Silvergate Bank, and Silicon Valley Bank are among the major banks that made critical errors leading to their bankruptcy. Fortunately, cryptocurrencies provide an alternative to bank deposits.
Even with Bitcoin’s gains, numerous altcoins remain 90% below their previous highs, presenting traders and investors with excellent opportunities to enter the market at a discount. However, the rise in the price of altcoins lags behind BTC. At the moment, Bitcoin season takes precedence on the market, meaning the capitalization of Bitcoin is growing faster than other cryptocurrencies. The best indicator to look at is Bitcoin Dominance, which has reached a massive resistance level. Further decline from this level may signal altcoins’ strength against the number one cryptocurrency.
