Recently, the cryptocurrency market has seen significant changes, with Bitcoin's market share dropping sharply, and investors' attention seems to be shifting towards other mainstream digital currencies. This trend may indicate that the so-called "altcoin season" is approaching.

Data shows that Bitcoin's market share has dropped by 5.8% within a week, falling below 61%, marking the largest weekly decline in nearly two years and also the lowest level since March of this year. This phenomenon coincides with the rapid expansion of the overall encryption currency market size.

In the past three weeks, the total market value of cryptocurrencies has grown from $3 trillion to $3.8 trillion. It is worth noting that the main driver of this growth did not come from Bit, but was instead driven by other competing coins led by Ethereum. These competing coins seem to have replaced Bit as the focus of market capital attention.

At the same time, the price of Bitcoin is showing a sideways trend below $120,000, and its positive correlation with other cryptocurrencies has weakened accordingly. Some market analysts point out that this change in trend may indicate an upcoming increase in market volatility, which could trigger a chain liquidation of leveraged trading positions.

Research institutions have found through correlation heatmap analysis that the average correlation between mainstream digital currencies and Bit is rapidly declining, with even negative correlations emerging. This means that the price trends of competing coins are beginning to operate independently of Bit. Historical experience shows that a decrease in correlation is often a precursor to increased market volatility, often accompanied by a wave of large-scale liquidations.

This series of market changes has triggered investors' speculation and attention towards the upcoming "altcoin season". With the shift in market dynamics, investors need to closely monitor the performance of various digital currencies and carefully assess potential risks and opportunities.