With a fresh rally in the crypto market, bullish anticipations are likely to dominate the narrative. Altcoins are showing signs of recovery, setting the stage for what could be a monumental rally.
By Vishal Dixit
Edited by Julia Sakovich
Updated
4 mins read
With Bitcoin BTC $105 002 24h volatility: 0.6% Market cap: $2.08 T Vol. 24h: $50.69 B nearing the $100,000 level, the crypto market is on a bullish rally. Amid the increasing prices of Bitcoin, the altcoins are on a path to recovery.
With the total crypto market cap excluding Bitcoin and Ethereum ETH $3 364 24h volatility: 2.9% Market cap: $405.86 B Vol. 24h: $34.07 B , sustaining above the $1 trillion valuation, the Bitcoin alternatives are likely to skyrocket in the coming months.
In a recent correlation between Bitcoin, Bitcoin Dominance, and altcoins, an analyst TechDev has highlighted a six-month phase for the altcoin rally. In the previous bull cycles, in 2017 and 2021, the crypto market witnessed Bitcoin reaching all-time high levels.
During this phase, the extended recovery growth is often reflected in a six-month bullish candle. Furthermore, during Bitcoin’s all-time high-level formations, the altcoin market registered explosive growth as capital flows from Bitcoin into tokens with smaller market caps and high growth potentials.
Amid the altcoin phase, Bitcoin dominance, the percentage of total cryptocurrency market capitalization that Bitcoin holds, often witnesses a sharp decline. This is a clear indication of investors moving their funds from Bitcoin into the other altcoins available.
This massive decline in BTC dominance occurred approximately 1,280 days after Bitcoin’s peak formation. The historical pattern highlights a potential market cycle that could be used to predict the altcoin boom.
Currently, BTC price has formed an all-time high, crossing the $100,000 mark at $108,364. The BTC price has retested the 50-EMA line and has bounced back to nearly $98,000 level.
Amid this sudden rise in uncertainty, Bitcoin’s dominance in the market has witnessed a minor slowdown. Currently, Bitcoin dominates 55.7% of the entire crypto market, which has declined from 58.5% during its new all-time high.
As the altcoin season seems over the horizon, here are the top altcoins one could consider buying to capitalize on the explosive growth.
Ethereum comes as the safest bet among the altcoins, as being the biggest altcoin. With a market cap of $441 billion, it currently dominates 12.5% of the entire crypto market and is trading above $3600.
With a price jump of 8.51% over the past week, Ethereum registered a significant recovery of 47.38% during the November run. Ethereum has a history of massive bull runs fueling the anticipation of the next rally crossing the $5,000 mark. Meanwhile, the optimistic traders target the $10,000 mark based on the historical price movements.
SUI token SUI $4.94 24h volatility: 0.7% Market cap: $14.87 B Vol. 24h: $1.73 B has been called the second Solana in the crypto market during its recent recovery run. Over the past few months, the bullish trend in SUI has resulted in a massive surge of more than 600% from $0.70 to the current price of $5.15.
The recovery run, the astounding bullish rally, has created an all-time high level of $5.58. Considering the SUI crypto manages to mirror the Solana recovery, the broader market anticipates the bull run to cross the $10 mark in Q1 2025.
Toncoin TON $5.35 24h volatility: 4.9% Market cap: $13.29 B Vol. 24h: $258.77 M comes as the dark horse in this list of altcoins to buy during the altcoin season. The current price of SUI is $5.68 and has been moving sideways with a lack of momentum.
Currently, it is resting above its 50-day EMA line. However, with the growing need for privacy and as a highly scalable and efficient layer 1 blockchain, Toncoin presents the potential to re-enter the list of top 10 altcoins.
Toncoin has a market cap of $14.41 billion. Currently, it is trading at a discount of 31.28% from its all-time high of $8.28. Despite this, the altcoin maintains an overall uptrend in 2024 and projects a price target of $15.36 by the end of this altcoin season.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
