Analysis: The Altcoin Season May Be Approaching

BY admin user

Bitcoin has surged by 129% year-to-date, driven primarily by anticipation of the 2024 U.S. presidential election outcomes and the upcoming halving event in April 2024. Despite the impressive price increase, Bitcoin’s dominance in the cryptocurrency market is declining.

As of November 30, 2024, Bitcoin’s dominance fell to 56.1%, signaling a potential shift in market dynamics. This decline suggests that Bitcoin investors are beginning to take profits and rotate their holdings into altcoins. Consequently, the long-anticipated altcoin season may soon be underway.

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