Recently, the cryptocurrency market has seen some notable changes. According to the latest analysis from Coinbase, Bitcoin's market dominance has fallen to its lowest point in six months, while the total market capitalization of other cryptocurrencies (commonly known as "alts") has surged by 50% since July of this year. This trend suggests that September may usher in the so-called "altcoin season."

David Duong, the head of global research at Coinbase Institutional, pointed out in the latest monthly outlook report that the current market conditions seem to suggest that as September approaches, investors may be paying more attention to other crypto assets beyond Bitcoin. Coinbase defines "altcoin season" as: within a 90-day period, at least 75% of the top 50 non-Bitcoin cryptocurrencies by market capitalization have outperformed Bitcoin.

It is worth noting that there is currently a considerable amount of retail funds on the sidelines, and the direction of the Federal Reserve's monetary policy may become a key factor influencing the flow of these funds. The latest U.S. Consumer Price Index (CPI) for July shows that the inflation rate remains at 2.7% year-on-year. This data has raised the probability of a rate cut by the Federal Reserve in September to 92% in the futures market.

If the interest rate environment tends to loosen, it may attract more new capital into the Crypto Assets market, especially altcoins which are seen as high-risk and high-reward. However, investors still need to be cautious, as the volatility of the Crypto Assets market remains high, and changes in the policy environment may also bring uncertainties.

Overall, the current Crypto Assets market is at a potential turning point. Bitcoin, while still the major player in the market, is facing increasing attention and capital inflow from other alts. The changes in market dynamics in the coming months are worth close attention.