Altcoin Performance Poised to Eclipse Bitcoin’s Dominance
Release: 2024/03/02 14:44 Reading: 724
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Bitcoin (BTC), the cryptocurrency heavyweight, remains a market leader, but emerging signs suggest that a shift in dominance towards lesser-known altcoins may be on the horizon. Market specialists point to indicators of an upcoming altcoin season where these smaller digital currencies could overtake Bitcoin. Despite Bitcoin’s ascent to near-record highs, largely fueled by the introduction of spot bitcoin ETFs, altcoins have not kept pace. Yet, analysts from K33 Research draw attention to historical patterns that signal a potential shift in market dynamics.
Analysts Predict a Surge in Altcoin Market
Experts at K33 Research recently highlighted that altcoins might soon eclipse Bitcoin’s growth, based on analyses of past market cycles. Since hitting a market low in November 2022, Bitcoin’s market capitalization has seen a doubling, whereas altcoins (excluding BTC and Ethereum) have not matched this growth—a reminiscent scenario of the 2020 market when altcoins eventually rallied to meet Bitcoin’s surge.
Illustrative of this potential uptrend are memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), which have recorded substantial hikes in value, climbing by 40% to 50% this week. Similarly, new memecoins such as Pepe (PEPE), Bonk (BONK), and Dogwifhat (WIF) have also seen significant price jumps, doubling or more within the same timeframe.
Determining the precise onset of the altcoin season remains complex. The advent of spot Bitcoin ETFs has reshaped the crypto investment scene, and capital inflow into Bitcoin does not assuredly indicate a subsequent shift towards altcoins. Even though certain altcoins report major gains, the altcoin market requires a consistent influx of individual investors to maintain its upward trajectory and achieve sustained growth.
Ethereum’s Role in Altcoin Rally
Swissblock, in another analysis, points to signs that an altcoin season is drawing near. Their data shows that the median return of altcoins relative to Bitcoin is nearing a low point, which could precede a reversal benefitting altcoins. The ascension of Ethereum (ETH) past the $3,500 price mark is seen as a critical indicator heralding an altcoin-favoring period.
The post first appeared on BH NEWS: Altcoin Performance Poised to Eclipse Bitcoin’s Dominance
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