An analyst recently pointed out that we’ve been waiting for nearly three years for the cryptocurrency market explosion. While there have been many predictions in the past about when the market would take off, nothing major happened in 2023.
Analyst Mathhew Perry explained that while some coins like Binance Coin and Solana are slightly down, others like XRP are showing small gains. He said that Bitcoin and Ethereum are moving in opposite directions—Bitcoin is down slightly while Ethereum is up. This difference hints that altcoins might be getting ready to make bigger moves. The key thing to watch is Bitcoin’s market dominance, which is now at 54.3%, down from 57%.
A drop in Bitcoin dominance often signals the start of altcoin season. Based on past trends, major movements often happen around six months after Bitcoin’s halving event. According to him, within a year of the halving, we could even see a new all-time high, possibly in 2025.
He said that as we look ahead to 2024 and 2025, many signs suggest that this might finally be the moment we’ve been waiting for. One reason is the events of the past year, which have set the stage for a potential market boom. For example, Ripple (XRP) made significant progress in its legal battle with the SEC. When Ripple started its lawsuit against the SEC, it marked the beginning of a downturn for the crypto market. The SEC’s actions seemed to dampen the excitement around cryptocurrencies, particularly in 2023.
However, despite the SEC’s efforts, positive momentum has been building. The Bitcoin halving event and increasing global interest in cryptocurrencies are just a few of the factors that point to a promising future. As more people engage with crypto and new use cases emerge, the market is gaining attention and discussions are heating up. It feels like we’re right on the verge of something big.
With the crypto market currently sitting at a $2.19 trillion market cap, things are looking up. Bitcoin recently reached $63,000, and Ethereum surpassed $2,600, signaling the start of an upward trend. Though Bitcoin’s rise has been more gradual, altcoins are showing stronger momentum, which is a key indicator of the market shift many have been waiting for.
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