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Bitcoin is dominating crypto markets at the moment, surging to its highest price for 19 months at $41,700. However, altcoins have been slow to react but usually follow with their rallies, but which ones will move first?
The massive move by Bitcoin today has reduced the gap from its all-time high to below 40% for the first time since April 2022.
Altcoins Eyed in Next Market Move
Bitcoin dominance surged to just under 54% today as the asset led market gains. Moreover, it has steadily increased for the past year since the market bottomed in December 2022.
Altcoins are being left behind, with many of them still languishing 80% down from their all-time highs.
Ethereum has been very slow to move comparatively. Even with today’s 4% jump to $2,250, ETH remains down 54% from its peak whereas BTC is 39% down.
However, altcoins have lagged Bitcoin in previous cycles, so history is likely repeating.
Analysts have been eyeing altcoin markets in anticipation of this move. On December 4, “IncomeSharks” commented:
“Missing out on a 9% move on Bitcoin won’t sting as much when some ALTS and Microcaps make a 900% move. One step ahead on the money flow.”
Analyst ‘Moustache’ also shared a similar chart stating, “We’re still very early imo.”
Crypto YouTuber Lark Davis held a poll on whether altseason had arrived yet, and only half of the respondents thought it had.
Of the high-cap altcoins, BNB is still 66% down, XRP is 81% down, Solana is 75% down, Cardano is 87% down, and Dogecoin is 88% down from its peak. Furthermore, DeFi-related tokens are down even more, so there is still a long way to go.
However, there are still a lot of shitcoins and pump-and-dump schemes out there, so always DYOR (do your own research) and do not pay much attention to what is shilled on social media.
Today’s Top Performers
There are a handful of altcoins making bigger moves than Bitcoin this Monday.
Shiba Inu (SHIB) has made just over 8% on the day. However, the meme coin is still 89% down from its ATH.
Bitcoin Cash (BCH) is up 9% at $249, but the BTC hard fork is 93% down from its December 2017 peak.
Internet Computer (ICP) has made 7% on the day, but this token has been obliterated 99% from its all-time high.
There are only a handful of altcoins making double-digits today, and they are all still smashed from their cycle peaks so yes, things are still very early.