Bitcoin is discovering uncharted territory in the crypto market, just a few steps away from touching the $100,000 milestone. Just on Nov 22, BTC reached an all-time high of $99,600, before taking a slight dip to the mid-90s.
But Bitcoin is not the only story. Other cryptocurrencies, also called altcoins, have seen tremendous growth since the election. At $1.26 trillion, the altcoin market is worth more than Walmart, Tesla, and many other huge firms.
Let’s explore a bit deeper.
Bitcoin’s Dominance Leading to the Altseason
Commenting on BTC’s incredible run, Miles Deutscher, a renowned crypto expert, recently stated on X that the crypto market has everything it needs for “the biggest crypto bull run EVER.”
Many important factors, such as the possible impact of Trump—a president who is seen as being supportive of Bitcoin—support the forecast that Bitcoin will hit $100,000 soon. As a result, Bitcoin has soared to unprecedented heights, with a recent peak of $93,000, causing no-coiners to experience fear of missing out.
Once the BTC/USD pair breaks over the $100,000 mark, this level will likely become a place to take profits. Whenever this happens, it usually starts an alt season since the money is going into other cryptocurrencies. Investors hope to profit from this tendency by buying altcoins at the right time and selling them just before the alt season ends, then reinvesting their profits in Bitcoin.
With a 61% market share, Bitcoin’s supremacy is still a key indication of market dynamics. If the price of Bitcoin falls below the 58% barrier, it might be the beginning of alt season, when some cryptocurrencies beat Bitcoin, and traders seize fresh possibilities.
Altcoins On the Rise
Even though Bitcoin is still the market winner, some people are now paying more attention to altcoins because of how well they have done recently. Stellar Lumens (XLM), which focuses on international payments, has seen a sharp +370% rise in value over the last 30 days. This is due to more attention from both institutions and retail investors.
The market is seeing a surge in capital as the cryptocurrency boom has spread to other ventures. Technical breakthroughs, growing adoption, and confidence around blockchain developments are the factors that analysts believe are driving this momentum.
Another old-timer crypto Ethereum (ETH), is also benefiting from Bitcoin’s meteoric rise, surging +38% in the last month, going from $2,621 to $3,625.
While the 0.23% increase on Saturday was little, the 30% jump over the previous 30 days is substantial for Solana (SOL).
The price of XRP, a cryptocurrency, has increased by more than 150% in the last month and doubled in the last week despite some volatility.
Another key player, Cardano (ADA), showed one more huge gain over the last 7 days, rising 21% with a market cap of $31.6 billion at the time of writing.
DOGE’s Lucky Streak
It’s a good time for all altcoins, but few can be as happy as DOGE holders. The world’s most established meme coin jumped +170% in value over the past month, and it’ll continue to do so with the current climate.
In fact, some major events may add more fuel to the fire. One is the groundbreaking X Payments that’s beginning to look more and more like a reality.
X Payments on The Way?
Elon Musk, the world’s richest person and X owner, recently shared a screen grab of Joe Rogan’s X profile with a “$” sign next to the profile image. Some have speculated that X Payments, a function that allows players to send and receive money, may soon be released after seeing a “$” sign next to Rogan’s image in the picture.
Alex Finn is one of the many analysts who say this move will “change everything,” upgrading X from a social media platform to an online payment solution that’ll drastically “EXPLODE” the market.
D.O.G.E. Adding More Fuel to the Fire
With Musk’s recent remarks and the possibility of Dogecoin’s incorporation into X Payments, the Dogecoin community has found renewed optimism.
These events occur at the same time that Musk is joining the newly formed Trump government, which has the amusing moniker of the Department of Governmental Efficiency (D.O.G.E.). This also supports the idea that Dogecoin might be a game-changer for X’s payment systems in the future.
However, according to renowned experts like Ali Martinez, DOGE has the potential to surge over $1 after the recent price breakthrough. However, to breach the $1 price, another 115% gain is required. Looking at the last crypto boom, the figures aren’t as out of reach as you may expect, but Dogecoin will need a huge injection of cash to hit a new all-time high.
Despite the obstacles that lie ahead, Dogecoin can reach $1 and maybe even $2 before the current bull run comes to an end, provided that current trends continue.
A Short Breath Before a Big Jump
There’s no doubt that altcoins are getting more and more of the spotlight, but there may be a short stop midway.
Crypto analyst CrypNuevo expects that this bullish rise might run to a stop and turn into a “shallow” setback over the next few days.
The analyst predicts that Bitcoin will finally surpass the $100,000 psychological threshold after climbing to $96,000. This would set off a short chance against individual investors. This area is basically a bull trap, generating enough downward liquidity to sustain lengthy liquidations.
If Bitcoin’s performance matches the predictions, altcoins will probably follow, but with a “shallow” hitch. But, after that, altcoins have a “great opportunity” to rise high.
Is The $100K Mark Inevitable?
Bitcoin may be the unstoppable force in the market, but investors will almost certainly shift their focus to altcoins, which presents a great chance to increase their Bitcoin holdings. In order to prepare for alt season, traders should monitor Bitcoin’s dominance, interest rates, and the overall market.
The emphasis is clearly moving this cycle toward wealth preservation via meme coins, store-of-value coins, and proof-of-work currencies. The cryptocurrency market is known for its volatility and inventiveness, but it also offers a wealth of chances for those who are well-informed and flexible enough to adopt sustainable trading techniques in the long run.
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