With Bitcoin Surging to a 19-Month Peak, Analysts Shift Spotlight onto Altcoins

Crypto News- In the current market scenario, Bitcoin’s dominance has surged to nearly 54%, leading the overall market gains and maintaining a steady increase since the market low in December 2022. As Bitcoin takes the spotlight, altcoins seem to be trailing behind, with many still lingering at an 80% decline from their all-time highs.

With Bitcoin Surging to a 19-Month Peak, Analysts Shift Spotlight onto Altcoins

Ethereum, in particular, has exhibited a relatively sluggish pace. Despite a 4% jump today, reaching $2,250, ETH remains 54% down from its peak, while Bitcoin is down by 39%. Yet, historical patterns indicate that altcoins tend to lag behind in comparison to Bitcoin in previous market cycles, suggesting a potential repeat of history.

Market analysts have been closely monitoring altcoin markets in anticipation of a significant move. On December 4, analyst “IncomeSharks” highlighted the possibility of altcoins and microcaps making substantial moves, stating, ‘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.’ Another analyst, ‘Moustache,’ echoed a similar sentiment, emphasizing the early stage of the current market dynamics.

Crypto influencer Lark Davis conducted a poll to gauge the community’s perception of the arrival of altseason, with only half of the respondents believing it has commenced. High-cap altcoins, including BNB, XRP, Solana, Cardano, and Dogecoin, are still significantly down from their peaks, ranging from 66% to 88%. Additionally, DeFi-related tokens have experienced even more substantial declines.

Despite the potential for altcoin resurgence, caution is advised due to the prevalence of low-quality coins and pump-and-dump schemes. The importance of conducting thorough research (DYOR) and avoiding excessive reliance on social media hype is emphasized.

Looking at today’s performance, a few altcoins have outpaced Bitcoin. Shiba Inu (SHIB) has gained just over 8%, although it remains 89% down from its all-time high. Bitcoin Cash (BCH) saw a 9% increase, reaching $249, but it is still 93% down from its peak in December 2017. Internet Computer (ICP) made a 7% gain today but has experienced a staggering 99% decline from its all-time high.

In summary, while a handful of altcoins show double-digit gains today, they are all significantly below their cycle peaks, indicating that the market is still in its early stages.