Analyst: The altcoin market is gradually rising, but it will not directly enter the altcoin season

ChainCatcher news, according to Cointelegraph, after U.S. Senator Lummis proposed the U.S. government to acquire 5% of the Bitcoin supply, Ben Simpson, founder and CEO of Collective Shift, analyzed that if the strategic Bitcoin reserve is approved, the market is expected to become unstable, Bitcoin will rise, and then may pull back.

As for the current market conditions, Ben Simpson believes that Bitcoin's dominance (a measure of Bitcoin's share in the total value of the cryptocurrency market) will "start to decline," and as Bitcoin begins to consolidate around $100,000 and altcoins start to "rise," the trend of the market "rotating" to altcoins has actually begun, but it should not directly enter the so-called altcoin season.