The current market picture looks bleak for altcoin holders. Bitcoin's dominance has jumped to 59.2%, which is the highest level in the last three years. According to ForkLog, this has caused the ETH/BTC pair to drop to a 9-month low. Investors are fleeing to Bitcoin en masse, viewing it as the only relatively safe asset during the 'perfect storm'.
As analysts note, there is currently a "professional cleansing" of the market from weak projects. Investing.com warns: as long as BTC dominance does not start to decrease, a significant rebound in altcoins should not be expected. However, history teaches us that it is during moments of maximum Bitcoin dominance that the true "altseason" is usually born. We are currently observing a phase of maximum pain that precedes a major redistribution of capital. Only projects with real technological value and functioning ecosystems will survive.
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