The Bull Market in the Crypto Space Begins, Altcoin Season Arrives
As 2024 approaches, the cryptocurrency market has entered a new round of bull markets, especially with significant signs of activity in the altcoin market. Below is an analysis of the current market trends:
1. Bitcoin's Dominance Declines, Altcoin Market Cap Rises
The decrease in Bitcoin's market share typically signals the arrival of altcoin season. According to analysis by Cryptomaniaks, Bitcoin's share of the total value in the cryptocurrency market has decreased, which may indicate a surge in altcoins. Additionally, a report from IntoTheBlock also points out that altcoins have reclaimed a significant portion of the overall market share, which is a major sign of the onset of altcoin season.
2. Technological Innovations Drive Altcoin Popularity
Advancements in blockchain technology can boost the popularity of altcoins. Crypto Adventure mentions that if a particular altcoin introduces significant technological improvements or innovations, it may attract considerable attention and investment.
3. Predictions and Performance of Altcoin Season
The analyst team at Bankless has predicted the price trends of some altcoins and stated that since the beginning of the altcoin season in November, the price trends of ten altcoins are expected to be bullish over the next three months. Furthermore, data analysis from PANews shows that nearly 60% of tokens have doubled in value within the month, indicating a collective upward trend in the market.
4. Signals of Altcoin Season
Analysts have pointed out several noteworthy signals indicating the arrival of altcoin season, including the decline in Bitcoin's dominance, changes in the ETH/BTC ratio, USDT.D, and liquidity flows. In particular, an increase in the ETH/BTC ratio may signal the onset of altcoin season.
5. Impact of Policy and Market Sentiment
With Trump's victory, the market began to prepare for potential policy benefits, and U.S. crypto assets may receive capital gains tax exemptions, which immediately attracted the attention of traditional funds. In this context, U.S. crypto projects with strong regulatory compliance and traditional institutional backgrounds have become focal points for institutional investors.
6. Potential and Opportunities for Altcoins
Altcoins are expected to bring many interesting opportunities to the cryptocurrency market in 2024, especially for those with strong fundamentals and positive price trends.
