Yes, I find this to be the only variable that has changed during this cycle. And let me tell you, I'm not bearish on altcoins. I simply think there isn't a sufficiently strong reason today to justify a transfer of value from BITCOIN to other cryptocurrencies, whether we call them ETH, XRP, SOL, or... HIVE, although I disagree slightly on the latter.
Today, Bitcoin has pushed a little higher again, even if only by a few tens of dollars, its upper limit.
In other words, we've reached a new ATH after the one reached on May 23rd.
Obviously, following the usual dynamics in these cases, the reaction of the rest has been consistent, and the entire crypto market, in general, including HIVE, has moved timidly upwards in parallel.
In fact, in the Bitcoin dominance chart, we've even noticed a decline...also timid.
However, we've been noticing this type of dynamic for many months, don't you think?
Bitcoin rises ==> Dominance falls timidly ==> Altcoins rise timidly ==> Bitcoin falls ==> Altcoins flow towards Bitcoin again (Bitcoin maintains the range and altcoins drop in price again), as a consequence, ALTCOINS keep losing value while BITCOIN holds.
To break out of this dynamic, it's necessary to create a context that's sufficiently attractive so that it's not just the price of BITCOIN that drives the crypto market... and this, as of today, simply doesn't exist; in other words, there's no expectation that's sufficiently compelling to justify investing in a specific altcoin.
It's as if creativity has diminished, and this shouldn't be a negative condition;
It could indicate that the market no longer moves solely on pure speculation in response to one announcement or another... more effort is needed for someone to decide to invest, for someone to BELIEVE in the project and decide to "take the risk" with confidence.
The simple mechanical cycle of "BITCOIN goes up, then ETH goes up, then MAJOR ALTCOINS go up, and then everything else" isn't enough.
Or at least, that's how it seems to me.
We have to wait and not gamble our sats too soon.
Things have gotten complicated, although, obviously, there will always be someone who has gone all-in on one or two altcoins that eventually gain momentum and take off... but that, my dear friends, has a very low probability of happening to us, IMO.
As always, we have to wait... a little longer.