Analyst: The altcoin boom may arrive in June

BlockBeats News: On May 15, Bitcoin's market dominance fell significantly this month, igniting hopes that a full-fledged copycat season or bull market would extend beyond BTC and boost valuations in other sectors of the digital asset market. Joao Wedson, CEO and founder of crypto data analytics platform Alphractal, expects a full-blown altcoin season in June. Bitcoin's dominance rate (a measure of leading cryptocurrencies' market share in the overall digital asset market) fell from around 65% to 62% in a week, ending a five-month uptrend. At the same time, the total market capitalization of the crypto market increased from $2.9 trillion to $3.24 trillion. This contrast suggests that investor interest has shifted from Bitcoin to some altcoins. According to Wedson's analysis, altcoin season has already begun, and Bitcoin's dominance is expected to decline rapidly in the coming months. Wedson's Proprietary Altcoin Quarterly Index, which focuses on 57 selected altcoins, shows that 37 of these altcoins have outperformed BTC over the past 60 days. In a detailed post on X, Wedson said: "Even if BTC falls in the coming weeks, most altcoins have bottomed out and are unlikely to fall below recent price levels. A portion of Bitcoin's $2 trillion market cap is likely to flow into altcoins. Therefore, be sure to analyze your altcoin-to-BTC trading pair (e.g. ETH/BTC or COTI/BTC)." However, broader indicators show that the bull market has yet to extend beyond BTC. For example, CoinMarketCap's altcoin index, which focuses on the top 100 coins, is still stuck at 27, indicating that it is still "Bitcoin season".