Bitcoin

After the fluctuations in <a href="https://en.coin-turk.com/the-current-state-of-the-crypto-market-will-consolidation-continue-in-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/parabolic-rally-after-the-block-reward-halving-is-inevitable/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) and the subsequent stagnation, the crypto market’s attention has now turned to altcoins. This process, which traders often refer to as “altseason”, could initiate a period where altcoins perform better than Bitcoin due to its stagnation.
<h2 style="text-align: justify" id="current-situation-in-bitcoin-domination">Current Situation in Bitcoin Domination</h2>
Until the beginning of this week, there had been an increase in Bitcoin’s dominance over other cryptocurrencies. In the following process, Bitcoin Dominance (BTC.D) peaked with a value of 55.35% but later it was seen that it had a value of 53.42% as of writing time.
Previously, it has been seen several times that the altcoin period starts after BTC.D reaches its peak points and then retreats. The reason for this is shown as the <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">money</a> shifting to Bitcoin in bull markets first. Accordingly, traders can invest part of their profits in altcoins and then increase the values of the highly volatile market.
The market value index that altcoins possess reveals this capital inflow and outflow. They are usually used as an important indicator to detect the beginning of the altseason period.
<img decoding="async" class="aligncenter size-full wp-image-286779" src="https://coin-turk.com/wp-content/uploads/2023/12/btc-d-55-35.jpg" alt="" width="758" height="452">
<h2 style="text-align: justify" id="will-altcoins-rise">Will Altcoins Rise?</h2>
Well-known cryptocurrency and stock analyst Jelle shared a post confirming that the altcoin market value has moved out of the accumulation range. The analysis made by Jelle was shared on X (formerly known as Twitter) on December 8, and attention was drawn to the range until 2022.
<img decoding="async" class="aligncenter size-full wp-image-286778" src="https://coin-turk.com/wp-content/uploads/2023/12/jelle-altcoin-2022-723.jpg" alt="" width="492" height="445">
The graph used in the post draws attention to the fact that altcoins have a total value of 723 billion dollars. According to the analyst’s view, altcoins are currently being traded in a “retest” zone.
If what happened in the last cycle repeats, this current retest phase could initiate the upcoming altseason period. Despite this, notably, Jelle expects the total market value of altcoins to exceed 1.8 trillion dollars and reach new peaks.
In addition, a failure that may occur during the retest phase and the possible return of the index to the accumulation phase could also be possible. It is necessary to consider that such a pullback could invalidate Jelle’s analysis and consequently delay the expected altseason.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry risk due to their high volatility and should conduct their transactions based on their research. Continue Reading: <a href="https://en.coin-turk.com/crypto-market-shifts-focus-to-altcoins-as-bitcoin-stagnates/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/crypto-market-shifts-focus-to-altcoins-as-bitcoin-stagnates/</a>

Crypto Market Shifts Focus to Altcoins as Bitcoin Stagnates

Table of Contents

COINTURK NEWS

Other articles published on Dec 9, 2023

Investors and Traders Hold High Expectations for Cryptocurrency Amid Recent Rallies

BlackRock Tweaks Spot Bitcoin ETF Structure; AI Crypto Readies for Tremendous Growth

Solana (SOL) holds firm as a new cryptocurrency is emerging as an analysts’ darling

The Million Dollar Presale — Can This Memecoin Hit 1 Million Before the End of the Year?

XRP, AVAX, and the Next Big Thing: A Glimpse into Crypto’s Promising Future

Elizabeth Warren Urges Bank Secrecy Act Update Over Crypto Concerns

Join our free newsletter for daily crypto updates!