Altcoins
Is it time to diversify? An analyst predicts altcoin boom in Q2 2024 after Bitcoin peaks
The recent Bitcoin halving has been the talk of the cryptocurrency world, sparking intense speculation about what will happen next. Now, all eyes are on the altcoin market, and many are expecting major action and growth. Renowned crypto analyst Robert Mercer chimed in, suggesting that Bitcoin’s dominance is about to stabilize, signaling the rise of altcoin season.
But should you start the party already? Let’s find out.
Bitcoin: is it reaching a turning point?
Mercer recently tweeted about an interesting trend: Bitcoin dominance is approaching a local peak, touching a descending trendline that has been a tough barrier since 2017.
Bitcoin dominance, what measure The market capitalization of Bitcoin compared to the broader cryptocurrency market, it plays an important role in investment decisions. Typically, when Bitcoin’s dominance peaks, investors start moving their money into altcoins, hoping for better returns.
The numbers game: where are we at?
Right now, Bitcoin’s dominance is at a standstill 55.94%, down slightly by 0.03%. Despite a small price drop, Bitcoin remains strong at $66,851, with a market capitalization of $1.36 trillion. But Mercer’s analysis suggests that a change is coming, suggesting the start of an altcoin season.
Is Altcoin Season Coming?!
However, Mercer’s analysis suggests that this impending spike in Bitcoin dominance could signal the start of an altcoin season. Altcoin season refers to a period when alternative cryptocurrencies (altcoins) surpass Bitcoin in terms of price growth and market capitalization.
Mercer openly expressed this prediction, maintaining his position 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 that opinion.”
What’s fueling the fire?
If Mercer’s predictions prove right, investors could be in for a wild ride, with altcoins potentially offering some juicy opportunities. This altcoin season could be fueled by several factors, such as advances in blockchain technology, the growing popularity of decentralized finance (DeFi), and the maturing cryptocurrency market.
On the other hand, the dominance of altcoins shows positive signs, currently equal to 11.58%which reflects an increase of 0.13%.
Will altcoins finally succeed in dethroning Bitcoin? Buckle up and get ready for a potentially wild ride in the cryptocurrency market!
Also check: Top Crypto Events to Watch Next Week: Binance vs. Nigeria, Decision on Ethereum ETF and Crypto Bill