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The Coin Rise 2024-12-29 12:10:44

Altcoin Market Awaits 16% Surge for “Euphoric” Season, Say Analysts

The altcoin market remains on the brink of a potential euphoric phase, but a significant hurdle stands in its way. According to pseudonymous trader Daan Crypto Trades, the total market capitalization of all altcoins excluding Bitcoin and Ethereum—tracked as TOTAL3—must surpass its 2021 all-time high of $1.13 trillion before true market exuberance can set in. TOTAL3 Must Break 2021 High: Experts As of Dec. 28, TOTAL3 sits at approximately $962.78 billion, reflecting a remarkable 91.45% increase since the start of 2024. However, Daan suggests the market will remain volatile and range-bound between $840 billion and $1.1 trillion until the decisive breakout occurs. Should TOTAL3 dip below $800 billion, Daan warns of potential market caution. This cautious sentiment is shared by other market observers, who note increased volatility due to shorter-term trading behaviors among participants. Syncracy Capital co-founder Daniel Cheung attributes the slower pace of altcoin breakouts to a shift in trading strategies, with many participants now closely monitoring hourly charts and leveraging positions. Altcoin Market Amid Bitcoin Dominance While Bitcoin continues to dominate with nearly 60% market share, its recent price stagnation has prompted traders to consider altcoin market as a more attractive investment opportunity. According to CoinMarketCap, notable gainers among the top 100 cryptocurrencies over the past week include Bitget Token (BGB), which surged 80.65%, Virtuals Protocol (VIRTUAL), up 42.30%, and Pudgy Penguins (PENGU), with a 31.63% rise. The shift in sentiment has spurred traders like pseudonymous user Dyme to advocate for reallocating focus toward altcoins. “Altcoins, at this juncture, offer a far more optimal risk/reward profile than Bitcoin does,” Dyme noted in a recent X post. They further emphasized that the window for accumulating Bitcoin at favorable levels has likely closed for the foreseeable future. A breach of the 2021 high could ignite a frenzy of activity, signaling the long-awaited “euphoria” phase. Until then, however, the market appears destined for a period of heightened volatility and cautious optimism. The post Altcoin Market Awaits 16% Surge for “Euphoric” Season, Say Analysts appeared first on TheCoinrise.com .

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