The market closed monthly in October in a favorable upward configuration. This November was exceptional for the cryptocurrency market with the record rise in bitcoin, a considerable airdrop by Hyperliquid and a strong recovery of a number of altcoins. In this first crypto point of December, let's take stock of the market, what to expect during the end of the year and the prospects we can envisage during the beginning of the year.
Total market capitalization continues to rise
Price of the total market capitalization against the dollar on the unit of time 1D
Since last week, there is nothing to report on the total market capitalization. Lahausse is still supported, the price recording new highs for several days in this price discovery phase. It is necessary to maintain a bullish bias that has no reason, for the moment, to be undermined.
Concretely, as long as the price remains above $3 trillion, the bullish bias in the short and medium term will remain very strongly bullish. With the formation of ascending troughs and peaks, the momentum is very strong, even on smaller units of time in intraday (especially in H4 and H2). However, it should be understood that we have only been in price discovery for a few days, which suggests very good bullish prospects.
On the altcoin side, the momentum is identical to last week with a confirmed passage above $950 billion. On the way to a new ATH, we will have the opportunity to look at the technical configuration of the price during the next crypto point of the weekend when there are more significant changes.
Bitcoin dominance is finally starting to weaken
Bitcoin dominance price against the dollar on the daily time unit
In recent days, many changes have taken place on the dominance of the king of cryptocurrencies. After maintaining more than 60% dominance for several weeks, we are facing one of the largest declines in the last two years! Finding himself on the EMA, it has been since January 2024 that the king of cryptocurrencies had not returned.
With the break of many supports, this allows ethereum and altcoins to benefit from a more favorable context to take the bullish path. During this month of December, it is imperative to monitor with particular attention the dominance of the king of cryptocurrencies. If the fall continues, it will allow altcoins to have a free range to accentuate the bullish momentum that is currently occurring.
Thus, if the EMA 200 comes to let go on the daily scale, the next area to be monitored is around 56% of dominance (old resistance). This will determine whether the king of cryptocurrencies will be able to form technical support.
Ethereum is picking up strongly, a positive point for cryptocurrencies
Price of the ETH/BTC pair against the dollar on the 3D time unit
For a few weeks, we had identified a major rebound zone at 0.030 BTC. It seems that the Ethereum/Bitcoin pair is taking the queens by bouncing upstream of this level (one of the most important since May). Finding yourself at the limits of the downtrend, a few percent increase would be enough to definitively confirm the upward reversal.
Thus, if the ETH/BTC pair manages to free itself from 0.04 BTC (resistance zone and previous peak), this will allow the price to return to a bullish configuration by looking for new highs (0.048 BTC and 0.055 BTC). This month of December will definitely be crucial in the dynamics that the market will experience at the beginning of 2025.
If the evolution of the ETH/BTC pair tends to become favorable to buyers over the next few days, this will allow ethereum and altcoins to strengthen their bullish positions. With an ether approaching $3,800, it would seem that the asset is getting back on to strength and is back in the spotlight. It is only a matter of time before a return to more than $4,000, to the delight of the capitalization of DeFi's altcoins that is at the gates of a new ATH!