PANews reported on May 5 that the crypto financial services platform Matrixport published an analysis on the X platform account, pointing out that as Bitcoin's market dominance continues to increase, market expectations for a large-scale rebound in altcoins are gradually weakening.
Matrixport said that most of the predictions about the coming of the "altcoin season" that have frequently appeared on social media in the past year have failed to come true. The agency believes that the overall rebound of altcoins is not determined by chart patterns or simply lagging behind Bitcoin's trend. The key driving factors are the decline in Bitcoin's dominance and the increase in the total market value of cryptocurrencies .
However, the current situation is that Bitcoin's dominance continues to rise, while Ethereum, as a major competitor, has performed relatively weakly, and there is a lack of other strong alternative narratives that can lead the market in this cycle. Therefore, Matrixport believes that unless a new leader or narrative emerges, altcoins may continue to lag behind Bitcoin. The agency's internal model currently supports this view and continues to be bullish on Bitcoin.
