An analyst at on-chain analytics platform CryptoQuant said that Bitcoin$BTC
shared two altcoin projects that attracted attention with their rise. According to the analyst, while Bitcoin's strong rise continues, Toncoin (TON)$TON
and Binance Coin (BNB) were also among the prominent cryptocurrencies.
CryptoQuant analisti, TON ve BNB’nin$BNB
He emphasized that these are the altcoins closest to their all-time highs (ATH). He stated that TON in particular has seen strong interest in the current market and is showing resistance along with Bitcoin. Based on Price Drawdown Heatmap data, the analyst stated that the cryptocurrency projects closest to ATH levels are BNB, TON, Solana (SOL) and Ethereum (ETH), respectively.
However, he added that many altcoins have remained far from their ATH levels, with declines ranging from 74% to 97%. This shows that Bitcoin’s dominance in the market is constantly increasing. The analyst noted that while some altcoins occasionally experience short-term increases, these movements are usually short-lived and they return to lower levels again.
Pointing out that Bitcoin could reach new peaks in 2024, the analyst stated that altcoins did not perform as strongly as in 2021 and could not recover their old strength despite the passage of about 10 months. The analyst stated that this cycle is progressing more slowly and that a cautious and uncertain outlook currently prevails in the cryptocurrency market.