PANews reported on May 17 that according to Decrypt, Bitcoin's dominance in the cryptocurrency market has declined recently, and analysts pointed out that this does not mean that the "altcoin season" is coming. Zach Pandl, director of Grayscale Research, said that when the market focuses on macroeconomic instability and the risks facing the US dollar, Bitcoin's dominance may rise; when the market focuses on various applications of blockchain technology and innovations in the encryption field, Bitcoin's dominance may decline. Zach Pandl added that from a macro perspective, he is bullish on Bitcoin; and from the perspective of technological development and user adoption, he is also optimistic about altcoins.