On August 9, according to market data, the Bitcoin market dominance (BTC.D) fell below 60%, dropping 3.1% over the past week, currently reported at 59.98%.
The total cryptocurrency market capitalization increased by 6.9% over the past week, with the total market cap excluding Bitcoin (TOTAL 2) rising by 11.94%, and the total market cap excluding Bitcoin and Ethereum (TOTAL 3) increasing by 8.58%.
Market perspectives generally believe that the continued decline in Bitcoin market dominance suggests that the altcoin season may truly be approaching.