For the time being, the total crypto market cap stands at $2.2 trillion. While the flagship cryptocurrency hit an ATH of $64,500 at the beginning of the ongoing month, the share of Bitcoin in the total evaluation contributed to about 51% of the entire market cap. However, followed by a sudden, unprecedented drop, the Bitcoin price took a dip to $51K.
It seems that despite the continuous price evolution of the flagship coin, the beacon crypto is facing some difficulties. Altcoin investors have been predicting the upcoming surge of altcoin season since March of the ongoing year. If Bitcoin shifts its position from 50% to lower contribution, it would officially mark the start of the altcoin season.
Can Bitcoin Experience Major Corrections?
The market cap contributions of Bitcoin have been above 51% for the better part of the last three years. Analysts are speculating that if that support position is changed, the altcoin alternatives would have a chance to rally in the market. However, it seems that many altcoins seem to move downward alongside Bitcoin devaluation. Nevertheless, it has been observed that when Bitcoin slows down, the altcoin rush in to fill in the blanks, often lead by Ethereum.
While ETH has managed to keep a price of $2580.4 with a 6.74% appreciation rate, some new participants seem to be struggling. Dogecoin that had taken center stage with an ATH of $0.44, has been depreciated about 40% in the last 24 hours. The alleged reshuffling is being referenced back to the 2017 and 2018 altcoin rush when Bitcoin was adhering to a support position rather than moving up in ranks.
Best Time for Diversification of Digital Assets
It is never advisable to put all your eggs into one basket. When it comes to investment, the best way to make the most out of the capital to choose a reasonable amount of alternatives that could be managed without much hassle. The Bitcoin investors can switch onto their altcoin holdings to look for a better return during the upcoming support resistance period. While some financial experts are speculating that Bitcoin could break out of April with an evaluation of $90K, confirmations are yet to be confirmed.
If Bitcoin ETFs are approved, it is a possibility that the leading coin would surprise the naysayers with a massive rally. In the meantime, the investors would benefit from raising stakes in the most promising altcoins that could keep giving them better returns. It is more advisable to hold onto Bitcoin for a little longer to see where it would lead the crypto markets.