2.7%
– Market cap: $1.99 T
– 24h volume: $35.19 B
The combined market value of cryptocurrencies other than Bitcoin and Ethereum, currently standing at approximately $443.13 billion with a 24-hour volatility of 1.5%, has consistently surpassed $1 trillion, suggesting a possible surge in the value of these alternative digital currencies in the upcoming months.
Altcoin Season over Horizon
According to recent analysis by tech expert TechDev, there seems to be a six-month period predicted for an upsurge in altcoins compared to Bitcoin. In past bull markets, such as those in 2017 and 2021, Bitcoin consistently reached new peak prices.
In this stage, an upswing in long-term recovery is frequently indicated by a six-month bullish candle. Moreover, when Bitcoin reaches its maximum historical value, the market for alternative coins tends to experience rapid expansion as funds shift from Bitcoin towards tokens that have smaller market values but high growth prospects.
During periods when alternative cryptocurrencies (altcoins) are popular, the share of the overall cryptocurrency market owned by Bitcoin (Bitcoin’s dominance) tends to decrease significantly. This suggests that investors are shifting their investments away from Bitcoin and towards the various altcoins available on the market.
Around 1,280 days following Bitcoin’s peak, there was a significant drop in its dominance over the cryptocurrency market. This historical trend suggests a possible market cycle that might help foresee an increase in the popularity of alternative cryptocurrencies (altcoins).
Bitcoin Price Trend
At the moment, Bitcoin’s price has reached a new record, surpassing $100,000 and peaking at $108,364. However, it subsequently revisited the 50-Exponential Moving Average line and has since jumped back up to around $98,000.
In the face of recent unpredictability, Bitcoin’s lead in the cryptocurrency market has seen a modest dip. At present, Bitcoin accounts for approximately 55.7% of the total crypto market, a decrease from its previous peak of 58.5%.
Top Crypto to Buy This Altcoin Season
With the altcoin boom appearing on the horizon, here’s a list of top alternatives you might want to consider purchasing to take advantage of their potential exponential increase.
Ethereum: The Safe Altcoin Bet
Among all the alternative cryptocurrencies, Ethereum stands out as the most secure choice due to its status as the largest altcoin. Its market capitalization totals a massive $441 billion, which represents 12.5% of the entire crypto market. At the moment, Ethereum is trading above $3600.
Over the past week, Ethereum experienced a 8.51% price increase and recorded an impressive 47.38% recovery during its November surge. This digital currency has a tendency to undergo substantial bull runs, sparking excitement about the upcoming rally potentially surpassing $5,000. Some enthusiastic investors even predict that Ethereum could reach as high as $10,000, based on its past price trends.
SUI: The Next Solana
In the cryptocurrency market, SUI token, previously referred to as the “second Solana,” has been on an impressive recovery run. Over the past few months, this surge in bullish sentiment for SUI has led to a significant increase of over 600%, with its price rising from $0.70 to its current value of $5.15. Additionally, key statistics like 24h volatility (0.5%), market cap ($15.72 B), and volume over the last 24 hours ($1.04 B) provide insights into SUI’s recent performance.
The incredible upward surge, or the recovery run, has pushed the price of SUI crypto to an unprecedented high of $5.58. If it continues to mimic Solana’s recovery trend, experts predict that the bull run could reach over $10 by Q1 2025 in the broader market.
Toncoin: The Dark Horse
Toncoin, priced at $5.73, emerges as an unexpected contender among the altcoins to consider during the altcoin boom period. At present, its counterpart, SUI, stands at $5.68, showing a sideways trend and minimal momentum.
Here’s the breakdown:
– 24h volatility: 1.0%
– Market cap: $14.51 B
– Volume (24h): $166.90 M
At present, it lies above its 50-day Exponential Moving Average (EMA). Yet, with the increasing demand for privacy and being a highly scalable and efficient Layer 1 blockchain, Toncoin could have the capability to return to the list of top 10 altcoins.
Toncoin’s total market value stands at approximately $14.41 billion. At present, it is being offered at a reduced price of 31.28% compared to its peak price of $8.28. However, despite this temporary dip, the cryptocurrency continues to show an overall upward trend in the year 2024, with a forecasted price goal of $15.36 by the end of this altcoin’s active season.
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2025-01-06 17:59