🚀Bitcoin leads the way, altcoins revel in the frenzy; after the election, will the crypto market usher in a new pattern?
Bitcoin prices soared after the US election, and although its current price is still 9% higher than its valuation a week ago, the increase has declined compared to the nearly 17% weekly green candle on November 10.
At the same time, the election of a group of cryptocurrency-friendly Republican politicians with a lot of blockchain funds has also injected a shot in the arm to the market, just like the reappearance of the Bitcoin ETF news cycle last year, further boosting the price of Bitcoin.
However, altcoins have begun to lead in recent gains. From November 21 to 23, Bitcoin's dominance fell to 59% within 48 hours after reaching a peak of 62%, and its dominance fell by 3.65% in the seven days ending on the 23rd.
Meanwhile, several altcoins such as Stellar (XLM), Ripple (XRP), VeChain (VET) and Polkdadot (DOT) have outperformed Bitcoin, with cryptocurrency analyst MegaWhale Crypto even suggesting that the altcoin season could begin on November 23.
Bitcoin has clearly led the cryptocurrency rally, with its dominance hitting its highest level since March 2021, pouring into liquidity pools across Web3 like a cannonball.
Donald Trump, Elon Musk and Larry Fink, the three American business giants, all support Bitcoin, and Trump's entry into the White House and the prospect of regulatory clarity and laissez-faire have made the Bitcoin bull market fierce.
Altcoins are competing currencies that emerged after the success of Bitcoin, and their market value also reaches trillions of dollars. Similar to Bitcoin in terms of security and technical support, the platform is decentralized, permissionless, always online, transparent, and ensures fair transactions.
Some analysts say that although the altcoin market has been on a downward trend in the past two weeks, a key indicator shows that the recent decline may indicate a "relative momentum bottom" and if history repeats itself, a "coordinated takeoff" may soon occur.
Finally, do you think Bitcoin's rise will continue? In the current cryptocurrency market, do you prefer to invest in Bitcoin or altcoins? Which altcoins do you think have investment potential in the future?
