The initial crypto bullish momentum registered after the historic victory of US President-elect Donald Trump has significantly declined in the last few days. Bitcoin (BTC) price failed to reach the highly hyped target of $100k last week, thus leaving a huge room for speculation of the monthly close.
As Bitcoin stumbles, crypto traders are turning their attention to altcoins in hopes of capitalizing on potential gains. Among the altcoins that have captured the market’s focus recently are Ripple’s XRP, Stellar Lumens (XLM), Polkadot (DOT), Celestia (TIA), Decentraland (MANA), and The Sandbox (SAND).
These projects have seen growing interest as traders diversify their portfolios beyond Bitcoin.
Despite Bitcoin’s challenges, the total cryptocurrency market cap remains resilient, hovering slightly above $3.5 trillion. With institutional investors injecting substantial capital into the market, the outlook for further gains remains optimistic.
The past few days have seen increased liquidation among long traders, a key factor fueling fears of a potential selloff. As traders shift their focus to shorting the market to recover losses, the risk of a more significant long squeeze is growing, which could lead to further volatility.
Santiment’s analyst has issued a warning to crypto traders, advising caution as attention shifts to altcoins that have been outperforming in recent weeks. Santiment’s analysis suggests that the market often moves contrary to crowd sentiment, with price action typically defying the expectations of the majority.
“So if Bitcoin continues to be overlooked for random pumping altcoins, the familiar pattern is for everything to get slightly flushed (especially the alts that are being FOMO’d), and then once the crowd deems the bull rally dead, it is the perfect time for BTC to go on a run and perhaps finally capture the six-figure market value you are anticipating,”
Santiment noted.
The crypto market is experiencing a shift from Bitcoin to altcoins, with heightened liquidation and a potential selloff before any recovery
In 2030, the price of 1 Bitcoin could reach a height of $347,783.
In the unpredictable world of crypto, timing may be everything, and those who can read the signals just might be in for the next big win.
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