Crypto analysts and experts are currently forecasting an imminent altseason, a period where alternative cryptocurrencies (altcoins) experience significant price surges, particularly as Bitcoin maintains its position above the $62,000 mark. This anticipation is fueled by several factors. Let’s have a look.
Altcoins takeover is inevitable
As Bitcoin surges to a fresh two-year high, altcoins are falling behind, but analysts predict that this is a recurring pattern and that they, too, may soon experience an explosion.
Bitcoin is advancing rapidly, while altcoins are stagnating; on February 28, the largest digital asset fell just below $64,000. At at the time of writing, the value of Bitcoin (BTC) stands at $62,835.74. This represents a decrease of 0.5% from the previous hour and a surge of 3.1% since the previous day. As of today, Bitcoin has gained 22.3% in value when compared to its value seven days ago.
The current valuation of cryptocurrencies on a global scale is $2.44 trillion, representing a change of 4.55% over the last twenty-four hours and 120.51% over the past year. At present, Bitcoin (BTC) holds a market capitalization of $1.25 trillion, signifying a dominance of 50.95%. Stablecoins, meanwhile, have a market capitalization of $143 billion, or 5.84% of the total crypto market capitalization.
In contrast to Bitcoin’s market ascent, the majority of altcoins continue to trade over 50% below their all-time highs. Cryptocurrency trader Ran Neuner of CNBC remarked that it was a “new kind of cycle” because Bitcoin was no longer consuming the liquidity of altcoins on its ascent.
How are some altcoins performing?
As expected, Ethereum leads the altcoins season. As of today, the value of Ethereum (ETH) is $3,487.12, reflecting a decrease of 0.1% from one hour ago and a surge of 3.9% since yesterday. As of today, ETH is 17.4% more valuable than it was seven days ago.
As of today, Solana (SOL) is valued at $131.61, representing a decrease of 1.6% from the previous hour and a rise of 17.3% since yesterday. The present value of SOL is 25.6% greater than its value from seven days ago.
The current value of Dogecoin (DOGE) is $0.1314, representing a 31.3% increase since yesterday and a 0.8% increase from an hour ago. The present value of DOGE is 55.5% greater than its value from seven days ago. Shiba Inu (SHIB) is trading at $0.00001407 per share, with a 24-hour volume of $2,778,414,889.63.
Crypto analysts are predicting an impending frenzy in the altcoin market, urging investors to diversify their portfolios in preparation for potential substantial growth. According to recent forecasts, numerous altcoins are expected to experience explosive growth ranging from 20x to 100x by the end of 2024’s bull cycle.
Diversifying one’s crypto portfolio is emphasized as a prudent strategy to capitalize on emerging opportunities and navigate the evolving landscape of the cryptocurrency market.
