Altcoin Market Analysis Experts Find No Signs of Altcoin Surge Until Bitcoin Reaches 100K
Is the Altcoin bull run or the Bitcoin bull run in full swing? Analysts worldwide are currently piecing together the cryptocurrency market puzzle to understand what lies beneath the surface. Based on the analysis and research of some experts, it appears that we are far from entering an altcoin season.
According to Analyst Crypto Ash, the Mega Altseason has yet to kick off. The total altcoin market cap has dropped to levels last seen in December 2023, and there are no significant trends driving the market such as ICOs in 2017, DeFi in 2020, or NFTs in 2023. Unless the ETH ETF becomes operational, altcoins are expected to continue losing value against BTC. However, this period could present an opportunity for accumulation. With altcoins down by 30% to 50% from recent highs, retail interest remains low, but whales are actively accumulating. It might be a strategic time to devise a plan, accumulate utility-based tokens, and wait for BTC to surpass $100K.
In a tweet, Ash Crypto mentioned, “Altcoins are down 30%–50% from their recent highs; retail isn’t interested yet, but whales are still accumulating. So make a plan, accumulate utility-based tokens, and wait until BTC breaks $100K.”
Crypto Tony shared a similar view, stating, “I do not anticipate a market-wide #Altcoin surge in the near future. #Bitcoin is driving the market as institutions focus solely on $BTC and a handful of other assets, so keep this in mind.”
Crypto Distilled also issued a warning on X, “Bull Market = Bitcoin Heaven, Altcoin Hell.” While Bitcoin is nearing all-time highs, altcoins are struggling as if in a bear market. This market presents a significant challenge for retail investors to navigate. Bitcoin, traditionally viewed as high-risk, is now attracting a diverse investor base due to its resilience and the rise of spot ETFs, being considered both speculative and digital gold—a hedge against geopolitical risks.
BTC is currently experiencing its own bull market, displaying strong performance since the BTC halving over a month ago, with ongoing consolidation preventing market frontloading. Moreover, OTHERS/BTC has dropped back to October 2023 levels, indicating that altcoins have given up their gains to BTC, undoing progress made since BTC was at $30k. Holding BTC would likely have yielded better returns compared to most altcoin portfolios with minimal effort.
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Tags: Altcoins, Bitcoin, Crypto news, Cryptocurrency, Price Analysis.