Altcoins are moving slowly, but Bitcoin is powering ahead as the largest digital asset came just below $64,000 on Feb. 28.
It has retreated slightly today, but the 25-month high has taken BTC to within 11% of its peak price of $69,000 in November 2021.
The same cannot be said for the majority of the altcoins, which remain more than 50% down from their all-time highs.
Moreover, Bitcoin’s dominance is close to a two-year high at 54.6%, meaning that there won’t be an altseason until this starts to decrease.
Altseason Hopium Growing
On Feb. 28, altcoin trader ‘CryptoAmsterdam’ delved into the money flow from BTC into high-cap altcoins, then into low-cap alts as observed in previous cycles.
“All assets move in similar cyclical ways,” he said before suggesting some altcoins that are still lagging but could make a big move when altseason kicks in.
If you missed bitcoin, don’t worry.
Altcoins will do something similar, but the pumps will be even crazier.
Here are 9 Altcoins that look ready to go;👇 pic.twitter.com/9g2H4QQ9IT
— CryptoAmsterdam (@damskotrades) February 28, 2024
Crypto trader Mac told his 500,000 X followers that Bitcoin would “reach a quiet ATH in the next three days,” and then it would retrace.
“Then alts will start pumping like crazy, if you are sidelined get ready to deploy all of your capital.”
Meanwhile, CNBC crypto trader Ran Neuner commented that it was a “new kind of cycle” because Bitcoin was not sucking liquidity from altcoins on the way up anymore.
“Bitcoin is powered by Wall Street, and Altcoins are still powered by crypto native funds and retail,” he said.
“Soon crypto holders will be willing to part with a small percentage of their Bitcoin and then the altcoin cycle will begin. Be patient. The higher Bitcoin goes before, the more there will be to power the alts!”
Not So Fast…
Crypto Youtuber “yourfriendSOMMI” observed that altcoins finished rallying around the time the U.S. Federal Reserve cut rates in 2019. During this cycle, the rate cut is expected to be in June.
There could be a few months of sideways or downward action for altcoins this year, which may be followed by a massive surge in early 2025 if history rhymes.
❤💛💚💙
Spooky:
Altcoins finished rallying around the time the US Fed cut rates, for the first time in cycle, in 2019.
Today, the US Fed is expected to cut rates in June 2024 (60% Odds).
We are hoping that Altcoins rocket up in the meantime, but it’s possible the move is… pic.twitter.com/Sz9Vh21ULw
— yourfriendSOMMI ❤️💛💚💙 (@yourfriendSOMMI) February 29, 2024
Crypto market capitalization is currently at its highest level since April 2021 at $2.39 trillion and just under 30% away from its $3.08 trillion peak.
However, it is largely Bitcoin in the driving seat as most of the altcoins are creeping up while Big Brother is on a tear.
At the time of writing, only Solana (SOL), Dogecoin (DOGE), Toncoin (TON), and Shiba Inu (SHIB) were outperforming BTC in the crypto top twenty.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).