As a seasoned crypto investor with a decade of experience under my belt, I find myself at a crossroads amidst this recent market dynamic. The altcoin surge, particularly Ethereum and Solana, has undeniably stolen the limelight from Bitcoin, leaving me intrigued and somewhat skeptical.
Despite Bitcoin‘s price increase pause at around $75,000 following Donald Trump’s election victory, alternative cryptocurrencies (altcoins) have persisted in their impressive performance, with Ethereum prices soaring by 11% to reach levels as high as $2,850. This has sparked curiosity among investors, who are now pondering if this could signal the commencement of the long-anticipated altcoin season.
Altcoins Steal the Limelight from Bitcoin?
On November 6, when Donald Trump won, the price of Bitcoin peaked at record highs, soaring up to approximately $75,000. However, the bulls are struggling to maintain these heights, as alternative cryptocurrencies appear to be capturing more investor attention.
The cost of Ethereum has climbed by approximately 12%, reaching $2,850 and potentially aiming for even higher prices that match its record highs. This advance is occurring despite significant attempts by large Ethereum investors to sell their holdings. Notably, well-known crypto analyst IncomeSharks pointed out that the Ethereum price has successfully breached a critical downward trendline, paving the way for a possible 75% surge towards new all-time highs.
$ETH – Breakout. 75% move from here to an all time high. $3k first.
— IncomeSharks (@IncomeSharks) November 7, 2024
As a researcher, I’ve observed an uptick in the ETH/BTC trading pair recently, with the current ratio at approximately 0.035. Given this trend, it seems prudent to consider hedging strategies. Cowen also suggested that for a confirmation of bottom formation, the ETH/BTC pair should surpass its 50 Day Moving Average.
I would watch #ETH / #BTC here.
If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed.
— Benjamin Cowen (@intocryptoverse) November 7, 2024
Beyond Ethereum’s price increase, other cryptocurrencies such as Solana experienced significant growth following Donald Trump’s election victory. Once more, the Solana price climbed to $188 due to escalating discussions about the potential approval of a Solana spot ETF during Trump’s presidency. Consequently, analysts foresee the SOL price soaring to around $300 based on these developments.
Will BTC Lose the Grip Over the Market?
Market experts predict that we may not yet have reached the peak of altcoin season, suggesting that Bitcoin’s influence might expand even more. Moreover, they believe this could be the start of a significant new Bitcoin bull market.
Seasoned investor Peter Brandt expressed a positive viewpoint regarding Bitcoin, stating that it currently finds itself in an advantageous position within the ongoing bull market cycle known as halving. According to his analysis, Bitcoin might reach its zenith between $130,000 and $150,000 around August or September of the coming year, signifying a potential record-breaking peak for the digital currency.
In line with this sentiment, crypto analyst Ali Martinez has pointed out that typically, the peak price for Bitcoin occurs within 8 to 12 months after a monthly close surpassing its previous all-time highs. Consequently, he anticipates the next peak in Bitcoin prices to occur sometime between July and November of 2025.
Previously, Bitcoin tends to reach its market peaks approximately 8 to 12 months following a monthly closing price that surpasses its prior record high.
Should the current trend persist, it’s possible that the next significant peak for Bitcoin ($BTC) might appear somewhere between July 2025 and November 2025.
— Ali (@ali_charts) November 6, 2024
As per the analysis by blockchain firm CryptoQuant, Bitcoin’s recent record high doesn’t necessarily indicate it’s overpriced compared to its original investment cost. The data from MVRV ratio shows that Bitcoin is still far from reaching its peak levels. Furthermore, Bitcoin’s current price is near the average amount investors spent to purchase it, which suggests that the market isn’t excessively heated at the moment. These findings hint towards the possibility of further growth in Bitcoin’s worth.
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2024-11-07 11:04