Altcoin
Analysts Decipher Trends and Conclude No Altcoin Pump Imminent Until Bitcoin Reaches $100,000
We are in an Altcoin bull run or Bitcoin bull riding? Analysts around the world are currently trying to piece together the cryptocurrency market and understand what is brewing beneath the surface. If we take a look at the analysis and research of some analysts, it is clear that we are not even close to an altcoin season.
Crypto analyst Ash said that the Mega Altseason has not yet started. The total altcoin market cap is back to December 2023 levels and there are no grand narratives driving the market like ICOs in 2017, DeFi in 2020, or NFTs in 2023. Unless ETH ETFs starts trading, altcoins are likely to continue losing value relative to BTC. However, this may be the optimal time to accumulate. Altcoins are down 30%-50% from recent highs, retail interest is low, but whales are still accumulating. It’s a good time to make a plan, accumulate utility-based tokens, and wait until BTC surpasses $100,000.
He wrote on X: “Altcoins are down 30%–50% from their recent highs; retail is not affected yet, but whales continue to accumulate. So make a plan, accumulate utility-based tokens, and wait until BTC crosses $100,000.
Crypto Tony also had a similar sentiment. He wrote: “I don’t expect we’ll see a market-wide #Altcoin pump anytime soon. #Bitcoin is running the pumps as institutions only show interest in $BTC and a few other assets, so keep that in mind.”
Cryptocurrency distilled on X shared some news with a warning: “Bull Market = Bitcoin Heaven, Altcoin Hell.” As Bitcoin approaches all-time highs, altcoins are struggling as if in a bear market. This market is extremely difficult to navigate for retail investors. Historically considered high risk, Bitcoin now attracts a diverse investor base thanks to its resilience and the emergence of spot ETFs, being seen as both speculative and digital gold, a geopolitical hedge.
BTC is experiencing a bull market, showing strong early performances within a month of the BTC halving, with the current consolidation preventing market anticipation.
Furthermore, OTHERS/BTC has returned to October 2023 levels, indicating that altcoins have surrendered their gains to BTC, erasing the progress made since BTC was at $30,000. Holding BTC would likely outperform most altcoin portfolios with much less effort.
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