Bitcoin has broken through the $100,000 milestone, soaring to a new all-time high of $104,088 on December 5. This surge has sparked excitement among crypto traders, leading to a significant influx of capital into Spot Bitcoin ETFs and a rise in BTC options trade volume. As Bitcoin continues its rally, traders are now turning their attention to alternative cryptocurrencies, known as altcoins, in search of higher returns as the market cycle progresses.
Bitcoin’s Future and Altcoin Predictions
According to the Bitcoin Pi cycle top indicator, BTC is expected to surpass $125,494 before reaching the peak of this market cycle. Currently, Bitcoin sits 22% below this target, with its dominance in the market climbing nearly 2% in just two days. This rise in dominance hints at further upside potential for BTC, while the altcoin season appears to be in full swing, with 75% of the top 100 altcoins outperforming Bitcoin over a 90-day period.
Altcoins to Keep an Eye On
Among the altcoins gaining traction this week are Render, Sui, Pepe, Hyperliquid, and Ondo. Render, for instance, is nearing its March 2024 peak, with technical indicators suggesting a potential price increase. Sui, on the other hand, is edging closer to its $5 target, showing bullish signs in its price trend. Similarly, Pepe is gearing up to test its November 2024 peak, with indicators pointing towards a positive price discovery. HYPE and ONDO are also making strides, with both tokens showing promising growth potential.
Ethereum’s Upward Momentum
Ethereum is also on the rise, aiming to target its previous all-time high of $4,878. With ongoing developments in its ecosystem and increased utility and adoption, Ethereum is poised for further gains. The altcoin needs to surpass the $4,000 mark to enter price discovery and potentially reach new heights.
In the midst of these market movements, traders are advised to keep a close watch on Bitcoin dominance, altcoin market capitalization, and exchange user activity to make informed decisions. While institutional investors seem focused on Bitcoin, retail traders may drive altcoin price rallies in the near future. As the crypto market continues to evolve, staying informed and vigilant is key to navigating these volatile waters. Remember, this article serves as educational material and does not constitute investment advice.
