Crypto analysts predict that altcoins will continue the rally until January 20 and XRP will be the star of the rally.
Experts said the dominance of bitcoin, which fell nearly 7 percent, points to the altcoin’s rally. According to analysts, major altcoins such as Ether (ETH) and XRP will continue their rise until January 20, 2025, when Trump will officially become the President of the United States. January 20 will also be SEC Chairman Gary Gensler’s last day.
Bitcoin’s market dominance draws attention as a data point that altcoin investors follow closely. While the data in question on November 22 was 61.85 percent, it dropped to 57.50 percent during the day.
Analysts predict that Bitcoin’s dominance will further decline.
Analysts address the altcoin bull.
In an X post published on November 30, popular crypto analyst Mickey Bill Crypto noted that Bitcoin’s dominance has broken below a two-year support line. The analyst emphasized that the drop in dominance to 56.1% indicates “official altcoin season”.
Bitcoin’s decline in dominance suggests that investors are taking profits from their BTC positions and moving those profits to altcoins.
Ether (ETH), the pioneer of altcoins, has been featured as one of the fixtures of the rally. Spot ETH ETFs traded in the USA recorded net inflows of $332.9 million yesterday. ETH rose to $3,700 as institutional demand increased. Analysts believe that ETH will surpass $4,000 by January 20th.
XRP will be the star of the altcoin bull.
According to analysts, XRP will be the star of the altcoin boom that will last until January 20.
Analysts claim that XRP will reach $2.57 in December and the world’s sixth largest cryptocurrency will take advantage of Bitcoin’s dominance.
Ryan Lee, chief analyst at Bitget Research, predicted that the price of XRP will increase by 30% by the end of 2024. The analyst told Cointelegraph:
“It is estimated that XRP may reach around $2.57 in December. In particular, XRP’s price action may be affected by Bitcoin’s halving cycle. Historically, XRP has followed Bitcoin’s halving cycle. showed a significant increase after about 228 days.”
Lee emphasized that spot XRP ETFs will be launched soon.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
