Analyst: The decline of Bitcoin's dominance may indicate that the market has entered altcoin season

ChainCatcher news, according to Cointelegraph, crypto analyst Mikybull Crypto stated that Bitcoin's dominance in the crypto market has dropped to 56.1%, below its two-year support line, which may indicate that the market has "officially entered altcoin season," as the decline in Bitcoin's dominance suggests that investors are taking profits from their BTC positions and reallocating some funds into altcoins.

Since Trump's election victory, the demand for Ethereum exchange-traded funds (ETFs) in the crypto market has increased by over 160%, further supporting analysts' expectations that Ether will rise above $4,000.