Key Points
Bitcoin’s value recently dipped below the $100,000 mark. This shift has redirected investor attention towards altcoins.
Bitcoin (BTC) had previously experienced a surge in value following Donald Trump’s victory in the U.S. presidential elections. The cryptocurrency reached an all-time high of $103,900 on December 5.
However, as profit-taking started, Bitcoin’s value dropped back below $100,000.
Altcoins in the Spotlight
This change in Bitcoin’s value has led to increased interest in altcoins.
Veteran crypto investor and trader, Michaël van de Poppe, predicts that altcoins will “shine again” as Bitcoin undergoes correction.
Van de Poppe noted that Bitcoin’s current price trends mirror those of December 2023. During this time, the global crypto market cap rose from $1.7 trillion to $2.9 trillion in just three months.
Ethereum (ETH), a leading altcoin, reached a local high of $4,070 in mid-March. At the time of writing, ETH is trading at $3,700.
Another crypto analyst, Milky Bull, anticipates an upcoming “altseason.” This is a period when altcoins outperform Bitcoin.
Milky Bull predicts that the altseason will last until March 2025, followed by a significant correction.
According to data provided by Blockchain Center, the altcoin season index is currently at 65. This suggests that investors are more interested in altcoins than in Bitcoin.
The data also shows that 64% of the top 50 cryptocurrencies, excluding stablecoins and asset-backed tokens, have outperformed Bitcoin in the last 90 days. Hedera (HBAR) is leading this trend with a 494% rally.
For an altseason to fully take effect, over 75% of the top 50 digital assets would need to outperform Bitcoin.
Currently, Bitcoin holds a market dominance of 53.1% and a market cap of $1.94 trillion. The altcoin market cap has decreased from $1.89 trillion on December 9 to $1.68 trillion today, amid a market-wide correction, as per data from CoinGecko.
Please note that this article is for educational purposes and does not constitute investment advice.
