Altcoins
Analysts turn to Altcoins as Bitcoin hits 19-month high
Bitcoin is currently dominating the crypto markets, reaching its highest price in 19 months at $41,700. However, altcoins have been slow to react but generally follow their rallies, but which ones will move first?
Bitcoin’s massive move today has narrowed the gap from its all-time high to below 40% for the first time since April 2022.
Altcoins considered in the next market movement
Bitcoin Dominance jumped to just under 54% today as the asset-driven market gains. Additionally, it has been steadily increasing over the past year since the market bottomed in December 2022.
Altcoins are left behind, with many still languishing at 80% of their all-time highs.
Comparatively, Ethereum has been very slow to evolve. Even with today’s 4% jump to $2,250, ETH remains down 54% from its high while BTC is down 39%.
However, altcoins have lagged behind Bitcoin in previous cycles, so history is likely to repeat itself.
Analysts Monitor Altcoin Markets anticipation of this move. On December 4, IncomeSharks commented:
“Missing a 9% move on Bitcoin won’t hurt as much when some ALTS and Microcaps are making a 900% move. A head start in terms of financial flows.
Total market capitalization minus BTC. Source: X/@IncomeSharks
‘Moustache’ analyst also sharing a similar graphic stating: “We are still way ahead in my opinion. »
Crypto YouTuber Lark Davis held a survey if the new season had arrived for now, and only half of those surveyed think so.
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Among large-cap altcoins, BNB is still down 66%, XRP is down 81%, Solana is down 75%, Cardano is down 87% and Dogecoin is down 88% from its high. Additionally, DeFi-related tokens are falling even further, so there is still a long way to go.
However, there are still a lot of shitcoins and pump and dump schemes out there, so always DYOR (do your own research) and don’t pay much attention to what’s happening on social media.
Today’s top performers
There are a handful of altcoins making bigger moves than Bitcoin this Monday.
Shiba InuSHIB) gained a little more than 8% on the day. However, the meme coin is still down 89% from its ATH.
Bitcoin Cash (BCH) is up 9% at $249, but the BTC hard fork is down 93% from its December 2017 peak.
Internet Computer (ICP) gained 7% on the day, but this token was wiped 99% from its all-time high.
There are only a handful of altcoins a double digit todayand they are all still being crushed by their cycle peaks so yes, things are still very early.
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