BTC dominance rebounds to 58% amid market correction phase

Bitcoin (BTC) dominance has recovered to around 58.5% after rebounding from a recent low near 55%. According to The Block, a rise in dominance is typically associated with a correction or consolidation phase where Bitcoin shows relative strength against altcoins. BTC dominance peaked around 62-63% in the middle of last year before declining to as low as 54% amid an altcoin rally. However, with some altcoins such as TON, ZEC, and DOGE recently showing relative strength, the market is now viewing a potential renewed decline in BTC dominance as a key indicator for the start of an alt season.