Originally published on: November 04, 2024
Prepare for the grand finale of the altcoin reckoning, a crypto trader advises. Benjamin Cowen, founder of ITC Crypto, forecasts an impending shakeup in the altcoin market that could bring significant pain before gains are realized.
Cowen shared his insights in a recent post, suggesting that the altcoin reckoning is on track to conclude by December 2024 or by the second week of January 2025 at the latest. He emphasized that while the journey has been long and challenging, this process was inevitable.
Drawing on historical market data, Cowen pointed to a final flush-out in altcoin markets that mirrors the bear market of 2019. He noted that the altcoin market capitalization chart is following a similar pattern, indicating a potential recovery in 2025.
Another trader, ‘ardizor,’ echoed similar sentiments in a recent post, highlighting recurring altseason patterns from previous years. The dominance of Bitcoin in the market currently stands at a high of 60.5%, limiting the potential for significant altcoin movements until it falls back below 50%.
Recent market fluctuations have seen altcoins like ETH and SOL experience significant losses compared to Bitcoin. Despite Bitcoin’s minor dip in value, its dominance continues to hold steady.
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