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Bitcoin’s drop below the $100,000 level has shifted investors’ focus to altcoins, veteran traders say.
Bitcoin (Bitcoin) Its upward momentum began with Donald Trump’s victory in the US presidential election last month – rising to an all-time high of $103,900 on December 5. As profit taking began, the major cryptocurrency fell below the $100,000 level again.
This has led to increased interest in altcoins.
Predictions of Michael van de Poppe, a veteran cryptocurrency investor and trader Alternative currencies “To shine again” as Bitcoin faces a correction.
He noted that Bitcoin’s current price movements look similar to what they were in December 2023, as the global market value of cryptocurrencies rose from $1.7 trillion to $2.9 trillion within three months.
Ethereum (Ethereum), the leading altcoin, reached a local high of $4,070 in mid-March. ETH is trading at $3,700 at the time of writing.
Another cryptocurrency analyst, known as Milky Bull who has more than 81,000 followers on
Milky Bull believes the swing season will last until March 2025 before a major correction occurs.
according to Data Provided by Blockchain Center, Altcoin season The index is currently hovering at 65. The index indicates that investors are currently more interested in altcoins than Bitcoin.
Data shows that 64% of the top 50 cryptocurrencies, excluding stablecoins and asset-backed tokens, have outperformed Bitcoin over the past 90 days. Hadera (HBAR) in the lead by 494% pool within the mentioned time frame.
For the swing season to fully begin, more than 75% of the 50 leading digital assets must outperform Bitcoin.
At this point, Bitcoin has a market dominance of 53.1% with a market cap of $1.94 trillion. The market cap of altcoins fell from $1.89 trillion on December 9 to $1.68 trillion today amid a market-wide correction, according to Data From Queen Gekko.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
