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The Potential for Altcoin Gains Depends on Bitcoin’s Next Move

by Drop Gorn
November 29, 2024
in Crypto
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The Potential for Altcoin Gains Depends on Bitcoin’s Next Move
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  • Altcoins will remain volatile until Bitcoin hits an “exuberant move” above $100,000, according to Swyftx lead analyst Pav Hundal.
  • Bitcoin dominance, which measures Bitcoin’s market capitalization as a percentage of the total crypto market, might reach 65-70% before declining and allowing for an altcoin season.
  • Institutional investors driving the current Bitcoin rally have little interest in speculative altcoins, unlike retail crypto exchange users who tend to rotate capital into altcoins after Bitcoin rallies.

The cryptocurrency market remains largely driven by Bitcoin, and altcoins tend to follow its price action. For altcoins to see significant gains, Bitcoin first needs to have an “exuberant move” past $100,000 according to a crypto analyst.

Altcoin Price Action Will Remain Choppy

Altcoins will continue to swing between rallies and pullbacks until Bitcoin confirms a decisive breakout past $100,000, said Pav Hundal, lead analyst at crypto exchange Swyftx. While some altcoins like memecoins may see short-term spikes of 20-40%, most will quickly give back those gains the next day.

Bitcoin Dominance Holds the Key

Bitcoin’s dominance, which measures its market share relative to altcoins, is currently around 58%. Hundal expects it may reach as high as 65-70% before starting to decline. A falling Bitcoin dominance usually precedes an altcoin run.

Waiting for Bitcoin Dominance to Start Declining

Rather than trying to time the exact Bitcoin dominance peak, it’s better to wait for a clear downtrend before expecting major altcoin gains. Once Bitcoin dominance starts falling from elevated levels, it will indicate fresh capital is entering the crypto market and rotating into altcoins.

Conclusion

While select altcoins may post temporary spurts, most will remain choppy until Bitcoin breaks out above $100k. A declining Bitcoin dominance will be the key signal that major altcoins are ready for their next bull run.

Tags: AltcoinsBitcoinBitcoin DominancecryptoPav HundalSwyftx
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