bullish

Donald Trump

Bitcoin

Bitcoin’s fall below the $100,000 mark shifted the investors’ focus to altcoins, veteran traders say. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) started its bullish momentum as Donald Trump won the U.S. presidential elections last month — rising to an all-time high of $103,900 on Dec. 5. As profit-taking kicked in, the flagship cryptocurrency fell below the $100,000 mark again. 
This brought increased attention to altcoins. 
Michaël van de Poppe, veteran crypto investor and trader, expects <a href="https://crypto.news/bitcoin-dominance-crumbles-top-10-altcoins-for-beginners/" target="_blank">altcoins</a> “to shine again” as Bitcoin faces correction.&nbsp; 
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> is literally mimicking the price action from last December. I'm not sure whether we'll get such a deep correction, but I do know that it's time for <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Altcoins</a> to shine again. <a rel="nofollow" href="https://t.co/MKwUBJR1Am" target="_blank">pic.twitter.com/MKwUBJR1Am</a>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1866758975703879703?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">December 11, 2024</a>
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He pointed out that Bitcoin’s current price movements look similar to December 2023 as the global crypto market cap rose from $1.7 trillion to $2.9 trillion within three months. 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>), the leading altcoin, reached a local high of $4,070 in mid-March. ETH is trading at $3,700 at the time of writing. 
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Another crypto analyst, known as Milky Bull with over 81,000 followers on X, expects the incoming “altseason” — a time when altcoins outperform Bitcoin — to last for three months.&nbsp; 
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 https://twitter.com/MikybullCrypto/status/1864743918903885858 
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Milky Bull believes the altseason will last until March 2025 before a major correction happens. 
According to <a href="https://www.blockchaincenter.net/en/altcoin-season-index/" target="_blank" rel="nofollow">data</a> provided by Blockchain Center, the <a href="https://crypto.news/bitcoin-breaks-100k-whats-next/" target="_blank">altcoin season</a> index is currently hovering at 65. The indicator suggests that investors are currently more interested in altcoins rather than Bitcoin. 
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 Source: <a href="https://www.blockchaincenter.net/en/altcoin-season-index/" target="_blank" rel="nofollow">Blockchain Center</a>
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Data shows that 64% of the top 50 cryptocurrencies, excluding stablecoins and asset-backed tokens, have outperformed Bitcoin over the last 90 days. Hedera (<a href="https://crypto.news/price/hedera/" target="_blank">HBAR</a>) is leading with a 494% <a href="https://crypto.news/hedera-price-prediction/" target="_blank">rally</a> in the mentioned timeframe.&nbsp; 
For the altseason to fully kick in, over 75% of the leading 50 digital assets would have to outperform Bitcoin. 
At this point, Bitcoin has a market dominance of 53.1% with a market cap of $1.94 trillion. The altcoin market cap dropped from $1.89 trillion on Dec. 9 to $1.68 trillion today amid the market-wide correction, according to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a> from CoinGecko. 
 Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. 
 Read more: <a rel="" href="https://crypto.news/ethereum-price-still-weak-despite-strong-etf-inflows/"> Ethereum price still weak despite strong ETF inflows </a>

Veteran traders hint at altcoin season as Bitcoin cools down

crypto.news

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