As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless market cycles and trends. The recent shift in focus from Bitcoin to altcoins reminds me of the dot-com bubble of the late 1990s, where investors were initially obsessed with high-flying tech stocks before shifting their attention to lesser-known companies.
The drop in Bitcoin’s price below $100,000 has caused experienced traders to redirect their attention towards other digital currencies, or altcoins, they claim.
The bullish trend for Bitcoin (BTC) began when Donald Trump was elected as U.S. President last month, reaching an unprecedented high of $103,900 on December 5th. However, after some investors cashed in their profits, Bitcoin dropped below the $100,000 threshold once more.
This brought increased attention to altcoins.
Michael van de Poppe, a seasoned cryptocurrency investor and dealer, anticipates that altcoins will regain prominence as Bitcoin undergoes a period of adjustment or correction.
#Bitcoin appears to be mirroring its price pattern from last December. Whether we’ll see a significant drop or not remains uncertain, but I have a feeling that it’s high time for altcoins to regain their luster.
— Michaël van de Poppe (@CryptoMichNL) December 11, 2024
He noted that the recent fluctuations in Bitcoin’s value resemble those observed around December 2023, with the total cryptocurrency market capitalization increasing from $1.7 trillion to $2.9 trillion over a span of just three months.
In mid-March, Ethereum (ETH), one of the major alternative cryptocurrencies, hit a peak price of around $4,070. Currently, it’s being traded at approximately $3,700.
A well-known crypto expert called Milky Bull, who boasts an impressive following of more than 81,000 people on a particular platform, anticipates that the upcoming period of increased altcoin performance relative to Bitcoin, often referred to as “altseason,” will persist for approximately three months.
#ALTSEASON lasts about 90 days
From this month till March seems logical.
— Mikybull 🐂Crypto (@MikybullCrypto) December 5, 2024
Milky Bull believes the altseason will last until March 2025 before a major correction happens.
Based on information from Blockchain Center, the Altcoin Season Index stands at 65. This figure indicates a heightened investor interest in altcoins as opposed to Bitcoin at this time.
According to recent data, approximately two-thirds of the top fifty cryptocurrencies that aren’t stablecoins or asset-backed tokens have surpassed Bitcoin’s performance over the past three months. Among these, Hedera (HBAR) has seen a significant surge of 494% within this timeframe.
To trigger a full-blown altseason, it’s likely that more than three-quarters (75%) of the top 50 digital currencies should perform better than Bitcoin.
Currently, Bitcoin holds approximately 53.1% of the total cryptocurrency market and has a market value of around $1.94 trillion. On the other hand, the combined market cap of all alternative coins (altcoins) has declined from $1.89 trillion on December 9th to $1.68 trillion today, as a result of broad market adjustments, as indicated by data from CoinGecko.
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2024-12-11 14:28