JAKARTA - Altcoin or alternative coins other than Bitcoin is predicted to close in 2024 with brilliant performance. Based on analysis from the founders of crypto analytic firms Glassnode, Jan Happel and Yann Allemann. In uploads on social media X, both highlight two main factors that could potentially trigger a spike in altcoins ahead of Christmas.
One of the indicators they discussed was the dominance of Bitcoin (BTC.D), which is the percentage of total crypto market capitalization controlled by Bitcoin. Currently, BTC.D is recorded at 56.94 percent, still below the trend line that is considered a bearish signal. If this dominance continues to weaken, altcoins have a great opportunity to grow faster than Bitcoin.
Bitcoin dominance is rejected on the upward trend line. Is this a Christmas rally signal for altcoins? wrote Happel and Allemann, who use the pseudonym "Negentropic." They added, in order for this scenario to materialize, Bitcoin needs to be stable above US$100,000 (Rp1.6 billion). The movement of sideways from Bitcoin could provide space for altcoins to prepare for a major increase.
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However, the selling pressure from long-term holders is a major challenge. According to Negentropic, this pressure is starting to ease as long-term holders have reached their lowest selling level in the past year. This opens up opportunities for Bitcoin to strengthen again in early 2025.
Crypto markets are currently also influenced by successive liquidation and profit-taking trends towards the end of the year. Analysts predict this trend will end early in the new year, creating new momentum to push the market back bullish.
Meanwhile, altcoins have the potential to be in the spotlight if this condition continues. With a decrease in Bitcoin dominance and improving investor sentiment, altcoins can record significant growth, providing fresh air for the digital asset market at the end of the year.
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