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QCP: When BTC market share falls below 58%, it may mark the beginning of the altcoin season
2024-11-19 02:24
Odaily News QCP noted in its market analysis that while BTC and ETH traded sideways over the weekend, SOL outperformed both, rebounding about 17% from last Friday's low. SOL and other altcoins do seem to be starting to gain some traction, especially under the pro-cryptocurrency Trump administration. So is altcoin season around the corner? Historically, whenever major cryptocurrencies consolidate after a sharp rise, altcoins have outperformed as profits shift into small-cap cryptocurrencies. BTC's dominance is now around 60%, and it may need to reach around <58% to mark the beginning of altcoin season. Investors may not be ready to turn completely to altcoins, as BTC seems to have more way to go before the $100,000 milestone. As it expects the Trump administration to introduce pro-cryptocurrency policies and further interest rate cuts, it would not be surprising to see altcoin season in full swing in the coming months. Despite net ETF outflows last Thursday and Friday, BTC still looks relatively well supported, and institutional adoption remains strong. As political and institutional players begin to align, predictions of BTC reaching $100,000 no longer seem like fantasy.