Bitcoin: Drags Ethereum, but Altcoins Show Independence [SCENARIO]

Bitcoin reaches ATH series, driving Ethereum and altcoins. The growth is supported by the return of Trump and the hype for the Altseason

Il “Trump pump” for the crypto market seems unstoppable. Bitcoin in the last few hours it has been recording a series of All Time High (ATH). The movement of BTC has dragged the entire sector of Altcoinwho was, as they say, still left at the stake.

Bitcoin drag Ethereum from Altcoin

In fact, if we look at the graph of dominance Of BTC, ETH e altcointhere is a first retracement of the dominance of Bitcoin which fell to 58.88%. In the span of this weekthat of ETH And grown up by 10%, as well as that of Altcoinas can be seen from the attached comparative graph.

Dominace BTC – ETH – Altcoin

Where Bitcoin can go

The last one ATH Of Bitcoin (BTC) which we report is of 79.596 USD (dati Bitfinex). The question many are asking is where this hype can go and how long it can last.

If we focus on the long termthe room for growth is large. A first fact is that BTC sta respecting the cyclical nature of halving. This series of new ATH it’s happening 200 days after the halving on April 20, 2024. In past halvings, BTC he scored ATH in the span of 17-18 months subsequent phases, before undergoing the corrective cyclical phases.

Long term and halving cyclicality

Primo halving (November 28, 2012):

• ATH reached November 30, 2013.
• Elapsed time: 368 days.

Second halving (July 9, 2016):

• ATH reached December 17, 2017.
• Elapsed time: 526 days.

Third halving (11 maggio 2020):

• ATH reached November 10, 2021.
• Elapsed time: 548 days.

On average, they passed 480 days to get to a ATH period, which opened a corrective phase.

This doesn’t mean what time BTC will continue with uninterrupted growth for the next 280 days. Also because the construction of a healthy bullish trend, from technical analysis point of view, goes through a series of swings with phases of accumulation and creation of supports. Excessively vertical accelerations without breathing phases often lead to equally violent corrections. With this, you don’t want to do the “Cassandra“.

BItcoin and operational setup of weekly indicators

Bitcoin (BTC) indicators weekly

If the halving data is an objective statistical fact, we also have personal elements of technical analysis that allow us to think about the medium – long term.

Attached is the graph of Bitcoin on a weekly basis, with the operational setup of weekly indicatorswhich at the end of the week entered the positive area after the release recorded last June. For further information on this methodology, please refer to this article, where in a paragraph we report what he has done in the past.

Etheruem screams Altseason

Ethereum (ETH) – Monthly Novembre 2024

the rise of Bitcoin in the last 48 hours it has also awakened Ethereum (ETH)which is currently trading 3.180 USD and on basis weekly grows of 26,50%. On the graph monthly you can see how the price is breaking the resistance in the area 3.100 USDopening the doors to a possible continuation of the trend. Looking at the graph, you notice that ETH it is still below the annual high of March, reached at 4.095 USDand even further from his ATH of November 2021.

Many Altcoins have already been rising for months

The departure of Ethereum usually makes you think ofaltseason. Probably, ETH it is no longer the main barometer of this sector. The offer of altcoin of quality has expanded in recent years. In the attached graph we provide an overview of the main, excluded those of Top 10from the beginning of November. Rises like those of SUI +60%; SHIB +47% ;KAS +30%; NEAR+32%.

Altcoin over Top 10

In fact, many Altcoins, starting with Solana and Binance Coin, have been growing respectively since the beginning of the year, $SOL +92% and $BNB +102% compared to ETH which recorded a +35%.

The world of altcoin it has evolved and become more technical. Projects with valid and developing blockchains and ecosystems, both in terms of value and price, are showing signs of moving independently of the trend of Ethereum. The market evolves and now the Altcoins they must be evaluated individually and technically on the basis of their projects.

Crypto Top 20 per market cap