Key Points

• Binance’s founder, Changpeng Zhao, declared the start of altcoin season in a post via X.
• Today, Bitcoin’s dominance started to decline, after peaking at over 56%.

Earlier today, Binance’s founder, Changpeng Zhao, shared a post via his X account, hinting at the beginning of altcoin season.

CZ shared a message and a photo, depicting the “Alt” key on a keyboard, asking followers, “Which key is available on Windows and Linux, but not on Mac?”

With this post, he suggested the beginning of altcoin season in the crypto market, as Bitcoin’s dominance began to decline.

Bitcoin Dominance Is Dropping

Earlier today, Bitcoin’s dominance surged from 55.6% to 56.7% and then declined to current levels of 55.8%, according to data from TradingView.

During the past seven days, BTC’s dominance dropped by over 7%, according to the same data, although its year-to-date dominance is up by over 8%.

Bitcoin‘s dominance is a ratio of the digital asset’s market cap to the cumulative crypto market cap. Currently, BTC has a market cap of over $1.8 trillion, and the global crypto market cap is $3.47 trillion, up by 1.87% in the past 24 hours.

On the other hand, altcoins’ dominance continued to rise.

Altcoins Dominance Surges

TradingView data shows that today, altcoin dominance surged by over 1.8%, and in the past week, it rose by over 13%.

The crypto industry is filled with optimism fueled especially by the upcoming Trump administration and future changes in Washington next year. The new US President, Donald Trump, will have his Presidential Inauguration Day on January 20, 2025.

Trump has shown huge support for crypto this year, and his upcoming policies will be more crypto-friendly, according to his promises.

The US is expected to establish Strategic Bitcoin Reserves, and earlier today, Satoshi Act Fund’s founder, Dennis Porter, shared a post via X, confirming that 10 US states will introduce related legislation in the country.