Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
As Bitcoin continues to move above the $90,000 mark, Altcoins began to reach new highs. The sector has recently reclaimed a key two-year level that could set the stage for a retest of 2021\u2019s highs. Some analysts consider that Altcoins\u2019 recent performance could kickstart the long-awaited Altseason. Related Reading: How High Can XRP Price Realistically Go After Gensler\u2019s Resignation? Altcoins Market Cap Reclaims 2022 Levels The total crypto market has seen a remarkable performance for the past 21 days, jumping to a market capitalization of $3.36 trillion. This surge, fueled by the US elections on November 5, has led Bitcoin\u2019s price to a 40% increase to its latest all-time high (ATH) of $99,645. Similarly, Altcoins have started to record their best performance in years, with tokens like Cardano (ADA) and XRP (XRP) surpassing the long-awaited $1 mark. Meanwhile, cryptocurrencies like Solana (SOL) and SUI (SUI) hit new ATHs recently, igniting investors\u2019 bullishness for the cycle\u2019s second leg up. The community has also expressed optimism for the \u2018King of Altcoins\u2019 recent performance after Ethereum (ETH) recovered the key $3,300 support zone last week. The crypto market\u2019s performance has led the Altcoins\u2019 market capitalization to hit a two-year high and reclaim key levels. Notably, the total cryptocurrency market cap, excluding Bitcoin and Ethereum, surpassed the Q1 2024 high of $788 billion as BTC soared past the $90,000 resistance. The momentum led the Altcoins market cap to break above the $840 billion mark last week, a level not seen since April 2022. Since then, Alts have held above this range despite the market retraces, turning this horizontal level into support. Additionally, it neared May 2021\u2019s high of $984 billion, a crucial resistance level ahead of the Altcoins market cap ATH of $1.13 trillion. Altseason To Start Soon? According to Bitfinex\u2019s Alpha report, this marks Altcoins\u2019 \u201clargest through-to-peak move\u201d since April 2021. The 23.2% increase hints at an increasing investor appetite, leaving behind the previous \u201cstart of the bear market\u201d levels. This movement \u201cindicates a rotation of speculative capital and interest from Bitcoin into Altcoins as retail market participation increases,\u201d the Bitfinex analysts explained, which tends to mark \u201cthe onset of the final stage of the bull market where altcoins begin to outperform Bitcoin on an aggregate basis.\u201d Crypto analyst MikyBull pointed out that Alts dominance \u201cjust climbed above the trend ribbon\u201d on Tuesday. The analyst\u2019s chart, which excludes the top 10 cryptocurrencies by market cap, displayed Altcoin\u2019s dominance at 10.37%, breaking above the multi-month downtrend line. Per the post, this has indicated before that \u201cAlts are about to outperform in the next coming weeks.\u201d Similarly, he highlighted a breakout from a multi-year cup and handle pattern in the Altcoins\u2019 chart. To him, the Alts have started running after breaking out from the pattern\u2019s neckline, and investors will see the \u201cfull potential of the Altseason\u201d from December to March 2025. Related Reading: Polygon: Analyst Sets \u2018Wild\u2019 Price Target Amid POL\u2019s 38.2% Weekly Surge Meanwhile, Bitfinex forecasted that \u201clower timeframe upside seems to be limited for altcoins\u201d due to its resistance at May 2021 levels. Nonetheless, the report noted that breaking above the $984 billion resistance would signal a continuation of altcoins ascend. Ultimately, Bitfinex\u2019s analysts consider that a larger Bitcoin correction could have a \u201cmagnified\u201d effect on altcoins, and they expect, \u201cat minimum, a period of ranging after a week full of consistently high liquidation numbers for both longs as well as shorts for altcoins.\u201d Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":590942,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,93439,93024,41995,428,925,1119,78790,12332,26263,89756,1946,83626,86903,87828],"class_list":["post-655069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-altcoins-dominance","tag-altcoins-market-cap","tag-altseason","tag-bitcoin","tag-bitfinex","tag-btc","tag-btcusdt","tag-cardano","tag-crypto-analyst","tag-crypto-trader","tag-ethereum","tag-solana","tag-total-crypto-maket-cap","tag-total3"],"acf":[],"yoast_head":"\n
Altcoins \u2018Starting To Run\u2019 After Hitting Key Level, Altseason Next?<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n