Altcoin Season Looms as Bitcoin Dominance Wanes and Prices Surge

Despite recent price corrections in major altcoins like Ethereum, Binance Coin, and Solana, and a decline in the altcoin season index from 88 to 71, there is speculation that an altcoin season may be imminent. This is based on historical patterns where altcoins have rallied after similar market cap trends, as noted by crypto analyst Moustache. However, bearish sentiment and increased short positions suggest continued volatility, leaving the market's direction uncertain.