Altcoin Market Decline Reaches Final Act, Bottom Expected In 2025–Analyst
05 Novembro 2024 - 1:00PM
NEWSBTC
After enjoying a mini price run in the last week of October,
Bitcoin’s price has corrected below $68k to start the first week of
November. While this is normal price action for Bitcoin, this trend
also impacts the crypto industry, particularly
altcoins. Historical patterns suggest that altcoins’
performance highly depends on Bitcoin’s price action. BTC’s market
dominance has hit 60%, affecting altcoin market performance and
restricting its price rallies. Related Reading: Bitcoin Mining
Costs Spike To Nearly $50K As Miners Look To AI For Survival A
crypto analyst, Benjamin Cowen, expects that altcoins will face a
steep decline, probably in early 2025, before recovering. In a
post, Cowen argues that the market will first witness a substantial
loss in value for altcoins before signs of recovery emerge.
According to Cowen, the altcoin market will face “a reckoning,” and
holders and traders can expect the correct to happen by December
2024 or early January 2025. It looks like the grand finale of the
altcoin reckoning has finally arrived. The altcoin reckoning should
be over by December 2024 (2nd week of January 2025 at the latest).
It has been a long journey, and many gave up along the way, but
this process was always going to play out
pic.twitter.com/WRVUvIHDTt — Benjamin Cowen (@intocryptoverse)
November 3, 2024 Altcoin Market Revisits 2019 Price Action In a
YouTube video, Cowen predicted the price action of altcoins after
reviewing Bitcoin’s price and historical trends. The ITC Crypto
founder explained that an altcoin market rally will not happen soon
due to Bitcoin’s current performance and market conditions. Data
suggests that altcoins are losing ground to the world’s top asset,
and altcoins can only be appreciated if Bitcoin enjoys a parabolic
run. According to Cowen, altcoins’ current market condition is
similar to what happened in the bear market in 2019. Altcoins were
bearish during this period before gradually recovering in 2020 and
hitting new highs after one year. Cowen expects the same story for
altcoins in 2025—altcoins’ prices will bottom first before they can
start a price rally. Analysts Now Have Mixed Views On Altcoins’
Market Performance In another post, Cowen revisited the
Bitcoin/altcoin pairing, saying that this pairing has been losing
for three years. He stated that the pairing’s performance aligns
with historical trends, with the last two “alt-seasons” happening
after halving in 2017 and 2021. BTC Continues Its Crypto Market
Dominance Bitcoin continues to lead the cryptocurrency industry,
with its market share hitting 60.5%. According to Cryptographic,
Bitcoin is enjoying a two-year high, stabilizing market prices
within the $68k and $70k range. While Bitcoin continues to show
strength, other alternative cryptos saw falling values, with some
dropping by 20 to 40%. Related Reading: Six Months, $1 Billion: TON
Network’s Explosive USDT Adoption Milestone Traditionally,
Bitcoin’s dominance often coincides with declines in altcoin
prices. However, many experts say a possible turning point can
happen if BTC hits resistance at the 64 to 65.81% range. If it
happens, BTC can achieve another all-time high or may move
sideways. However, if BTC’s market share falls below 50%, we can
expect a price rally for altcoins. Featured image from Pexels,
chart from TradingView
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