Bitcoin (BTC) continues to dominate the crypto market, soaring to its highest price in 20 months at $42,000. However, altcoins are in no hurry to react.
The major cryptocurrency’s major move has narrowed the gap from its all-time high to 39% for the first time since April 2022.
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You’ll have to wait for the start of the altseason
While Bitcoin (BTCD) dominance continues to rise, approaching the 54% mark, most altcoins are still trading 80-90% below all-time highs. Even the second-largest cryptocurrency, Ethereum (ETH), is significantly behind BTC, with the asset priced 54% cheaper than at the peak of the 2021 bull market.
However, altcoins have underperformed Bitcoin in previous cycles, so history is likely to repeat itself. December 4 @IncomeSharks commented:
“Missing Bitcoin’s 9% rally won’t hurt as much when some small-cap altcoins are up 900%.”
Analytics @Moustache shared a similar opinion, saying that growth in the altcoin market is still ahead. Famous crypto youtuber Lark Davis conducted a survey asking whether altseason had already arrived, and only half of the respondents answered positively.
Looking at large-cap altcoins, BNB is still 66%, XRP 81%, SOL 75%, ADA 87%, and DOGE 88% below all-time highs. Tokens associated with DeFi projects sank even more.
Some altcoins are outpacing BTC in growth rates
Today, several altcoins made larger moves than Bitcoin. Thus, SHIB added a little more than 8% during the day, BCH grew by 9%, and ICP by 7%. However, they are all well below their ATHs.
However, cryptanalysts are confident that the situation can be turned to their advantage and profitably buy coins before the start of a long-term rally. Earlier this month, BeInCrypto reported that the altcoin market was about to exit the accumulation zone, and an extremely rare signal appeared on the chart.
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2023-12-04 12:06:08
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