Altcoins are showing resilience as BTC’s dominance declines, with a 4.4% spike in the market cap.
Top altcoin gainers ICP and AAVE, saw over 10% growth, while STRK, WIF, and AR dropped by 6%.
As we enter the final quarter of 2024, the cryptocurrency market stands on the brink of potential upheaval and opportunity. The Q4 has been marked by heightened activity and bullish trends, making it a prime time for investors.
However, analysts have noted a growing resilience in altcoins, despite Bitcoin’s recent downturn. BTC’s price dropped to as low as $52,827 on September 7, marking a 10.8% decline from the previous week. Although Bitcoin has partially recovered to $56,001, remaining below the $60,000 level mark as seen on August 30.
The data reveals that BTC’s dominance in the market has decreased by 1.3%, with its current dominance at 57.23%. This decline, coupled with a 4.4% increase in the market cap of cryptocurrencies except the top 10, suggests that investors might be diversifying away from BTC and shifting to alternative assets, such as altcoins.
Moreover, the total altcoin Open Interest (OI) has dropped by 55% excluding ETH, from its all-time high. Pseudonymous crypto trader Emperor suggests that altcoins might continue to outperform BTC, signaling proximity to a parabolic phase in the altcoin cycle.
Altcoin Performance and Market Trends as 2024 Nears Its End
Another notable altcoin, Solana (SOL) is trading at $132.66, with whale activity and strong metrics suggesting a breakout to $145-$150. With BTC and Ethereum ETFs approved, Solana is a potential next candidate despite SEC skepticism.
Dogecoin (DOGE) has shown recent bullish signs, with a 5% increase over the past week, following BTC’s rebound. Despite this, DOGE has struggled to break the $0.12 ceiling and is currently priced at $0.10.Top gainers in altcoins are Internet Computer (ICP), and Aave (AAVE) with over 10% increase in the past 24 hrs. And losers in the list are, Starknet (STRK), Dogwifhat (WIF), and Arweave (AR) experiencing a 6% dip in the past day.In conclusion, as we approach the end of 2024, the cryptocurrency market is poised for significant movements. Investors closely analyze altcoin performance, Bitcoin dominance, and market sentiment to strategically position their portfolios for potential gains.
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