Crypto News – At $42.108, BTC reached its highest price in 19 months and is currently dominating the cryptocurrency market. Though they typically follow with their rallies, altcoins have been sluggish to respond.
Analysts’ New Focus on Altcoins, As BTC Hits $42K After 19 Months
The difference has dropped from its peak to under 40% for the first time since April 2022 due to Bitcoin’s tremendous surge today. Today, the asset-led market gained as Bitcoin’s dominance increased to slightly under 54%. Furthermore, since the market’s December 2022 low, it has been rising gradually throughout the previous year. With many of them still stuck 80% below their peak prices, altcoins are falling behind.
History is probably repeating itself, though, as altcoins have historically underperformed Bitcoin in cycles. Awaiting this move, analysts have been keeping a close eye on the altcoin markets.
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.
IncomeSharks
Long Road Ahead for Altcoins
In a survey on whether altseason had arrived yet, cryptocurrency YouTuber Lark Davis found that only 50% of participants agreed. In addition, BNB is still down 66% from its peak, XRP is down 81%, Solana is down 75%, Cardano is down 87%, and Dogecoin is down 88% among the high-cap altcoins.
Conversely, Shiba Inu (SHIB) has gained little more than 8% for the day. The meme coin is still 89% behind its all-time high, though. At $249, Bitcoin Cash (BCH) is up 9%, but the hard fork in Bitcoin is down 93% from its peak in December 2017. There is even more work to be done, as DeFi-related coins are currently declining even further.
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