While the Bitcoin (BTC) price has been eyeing a move above $70,000 recently, top altcoins like Ethereum (ETH), BNB, and Solana (SOL) have picked up much pace in this resurgence. Market analysts believe that it’s too early to call for an altcoin rally and might not happen in the fourth quarter of this year.
Popular crypto analyst Benjamin Cowen stated that the current altcoin turbulence against Bitcoin is mainly due to the drop in net liquidity along with the strengthening of the U.S. Dollar Index (DXY). He believes that this trend will continue until 2025 while pushing the Bitcoin market dominance even higher this quarter.
Cowen predicts that BTC dominance will peak around 60% between September and December 2024, and might as well overshoot this milestone. He expects the dominance uptrend to end by early January 2025.
However, with the potential for interest rate cuts and the reintroduction of quantitative easing (QE), Cowen suggests that 2025 will bring about different market conditions that could shift the dynamics for altcoins. Here’s the list of some best altcoins to bet on before the rally begins.
As the odds of a Donald Trump victory in the upcoming US Presidential elections improve, analysts are hopeful that he might end the crypto regulatory headlock as seen during the Biden administration.
On the other hand, the demand for spot Bitcoin ETFs has skyrocketed this week clocking nearly $1.4 billion in inflows within the first three days of the week. The BlackRock Bitcoin ETF (IBIT) has been leading the pack taking its total inflows above $22.5 billion since inception in January.
Vetle Lunde, the Head of Research at K33 Research, writes:
“After super strong ETF flows lately, new milestones have been reached! Yesterday, U.S. spot ETFs surpassed 950,000 BTC under management, marking a new all-time high. These relentless flows have pushed global BTC ETP beyond 1.2m BTC for the first time”.
Another reason why Bitcoin dominates over altcoins is that the BTC whale transactions have reached their highest in over 10 weeks with 11,697 transfers exceeding $100,000 on Tuesday, earlier this week.
Furthermore, on-chain data provider Santiment reports that social media discussions have shifted heavily toward Bitcoin over altcoins, with the leading cryptocurrency accounting for more than a quarter of all crypto-related conversations. This comes as Bitcoin’s price surpassed $68,000 for the first time since July, drawing heightened attention from traders.
An analysis by CoinGape shows BTC price to kickstart bull rally to a new all-time high in October. Multiple factors including BTC open interest and on-chain data hint at massive upside momentum. Bitcoin currently trades above $67,000.
When people talk about crypto being the “Wild West” of finance, they’re not kidding. The…
Wall Street giant BNY Mellon (now BNY) will offer crypto asset custody in Abu Dhabi,…
Michael Saylor affirms Strategy Inc can pay its dividends indefinitely with just 2.3% annual appreciation…
Bitcoin treasury firm OranjeBTC has publicly announced its support for a proposed dividend proposal for…
Ethereum price traded near the flatline today, despite a slight uptick recorded in the broader…
Anthropic has announced a compute deal with Elon Musk's SpaceX in a major move for…