Analyst: Mega Altcoin Rally Will Come With This Development!

There is currently confusion as analysts try to understand the cryptocurrency market. It looks like the altcoin era is not even close. According to some analysts, there is currently a bull run dominated by Bitcoin and it is not party time for altcoins yet.

Analyst: Altcoin era has not started

Cryptocurrency analyst Crypto Ash states that the mega altcoin era has not started yet. Total altcoin market cap has fallen to December 2023 levels, and there are no grand narratives driving the market like ICOs in 2017, DeFi in 2020, or NFTs in 2023. Unless the Bitcoin ETF begins to see progress, there is a high probability that altcoins will continue to lose value against BTC. However, Crypto Ash adds that this may be the best time to save.

Altcoins are down 30-50% from their recent highs, personal investor interest is low, but whales are still accumulating. This might be a good time to make plans, accumulate utility tokens, and wait for Bitcoin to surpass $100,000. In other words, according to the analyst, the altcoin era will not come unless BTC exceeds 100 thousand dollars. Crypto Tony also has a similar view. “I do not expect a market-wide altcoin rally in the near future. Institutional investors are only interested in Bitcoin and a few assets. “Bitcoin drives the market, keep that in mind,” he says.

Are we in a bear market?

The analyst platform called Crypto Distilled draws attention to the difficulty of the market: “Bull market = Bitcoin Heaven, Altcoin Hell.” As Bitcoin approaches all-time highs, altcoins are struggling as if they were in a bear market. This market has become quite strong for retail investors. While Bitcoin has historically been viewed as a high-risk investment, its recent durability and the emergence of spot ETFs are diversifying its investor base. It is now seen as digital gold, both as a speculative investment and as a geopolitical guarantee.

Bitcoin is experiencing its own bull market, having performed strongly in the month since the halving. But the current consolidation is preventing much loading in the market. However, the OTHERS/BTC rate dropped to October 2023 levels. This means that altcoins surrendered their gains to BTC, erasing the progress made when Bitcoin was at $30,000. So in more than one case, holding Bitcoin instead of an altcoin portfolio could have yielded more for the investor.

As a result, the cryptocurrency market currently appears to be led by Bitcoin. Although it is early for the rise of altcoins, analysts also emphasize that it may be the right time to accumulate by focusing especially on useful tokens. However, as always, it is important to do your own research and consider market risks when making your investment decisions.