Altcoins
Is it time to diversify? Analyst Predicts Altcoin Boom in Q2 2024 After Bitcoin Peaks
The recent Bitcoin halving has set tongues wagging in the crypto world, sparking intense speculation about what’s next. Now, all eyes are on the altcoin market, with many expecting major action and growth. Renowned crypto analyst Robert Mercer has weighed in, suggesting that Bitcoin’s dominance is about to plateau, signaling the rise of altcoin season.
But should you start the party now? Let’s find out.
Bitcoin: Towards a turning point?
Mercer recently tweeted about an interesting trend: Bitcoin dominance is nearing a local top, grazing a descending trendline that has been a tough barrier since 2017.
The dominance of Bitcoin, which measures The market capitalization of Bitcoin compared to the broader crypto market, plays an important role in investment decisions. Typically, when Bitcoin’s dominance reaches its peak, investors start moving their money into altcoins, hoping to get better returns.
The numbers game: where we are
Currently, Bitcoin dominance stands at 55.94%, down slightly by 0.03%. Despite a slight price drop, Bitcoin is holding steady at $66,851, with a market cap of $1.36 trillion. But Mercer’s analysis suggests a change is coming, hinting at the start of an altcoin season.
Altcoin season is coming?!
However, Mercer’s analysis suggests that this next spike in Bitcoin dominance could indicate the start of an altcoin season. Altcoin season refers to a period when alternative cryptocurrencies (altcoins) outperform Bitcoin in terms of price and market capitalization growth.
Mercer made this prediction clear, maintaining his position that altcoin season is likely emerge in the second half of the second quarter of 2024.
“I was saying that I expect the Altcoin season to appear in the second half of the second quarter of 2024. I still hold this opinion,”
What fuels the fire?
If Mercer’s predictions prove correct, investors could find themselves in for a wild ride, with altcoins potentially offering juicy opportunities. This altcoin season could be fueled by several factors, such as advancements in blockchain technology, the growing popularity of decentralized finance (DeFi), and the maturation of the crypto market.
On the other hand, altcoin dominance is showing positive signs, currently standing at 11.58%reflecting an increase of 0.13%.
Will altcoins finally dethrone Bitcoin? Buckle up and get ready for a potentially wild ride in the crypto market!
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