Bitcoin Dominance & Altseason: 2021 vs Now (by Jasper De Maere, Wintermute)

1️⃣ The drop in BTC dominance today is largely explained by the rise of ETH, not a broad alt rally.

2️⃣ BTC dominance sits ~5% below 2021 levels — not because “all alts are mooning,” but due to blue chips like XRP, BNB, and SOL gaining market share.

3️⃣ If you remove XRP, BNB, and SOL, the rest of the altcoin market still holds ~20% — the same level as 2021.

4️⃣ Strong ETH performance is often mistaken for an altseason, but the broad-based rally like in 2021 hasn’t arrived yet. We may just be approaching it.

In short: Today’s market is blue-chip driven. The true “altseason” could still be ahead.

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