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Bitcoin Today 12/04/2024: altseason gains strength while BTC loses space
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THE Bitcoin (BTC) returned to the $96,000 zone with an increase of 1.3% in the last 24 hours. According to CoinGecko, BTC’s total trading volume reached US$92.2 billion this Wednesday (4).
While BTC registered moderate appreciation, the BNB soared over 20% and renewed its all-time price highs. The price of Binance’s cryptocurrency reached US$784 and reached its highest value in three years.
XRP and Cardano (ADA), which have driven the Top 10’s valuations in recent days, had slight losses this Wednesday (4). ADA lost 1.9% in the last 24 hours while XRP fell 0.8%. However, XRP is still seeing strong movements of investors acquiring tokens.
Finally, Tron (TRX) soared 60% and continues to look for a place in the Top 10.
Altcoin season on the way
On the other hand, Bitcoin’s dominance over the market fell again and now remains below 55%. This means that although BTC is at highs, investors are preferring to invest their money in altcoins. Therefore, many traders believe that this phenomenon could be the starting point for the next altseason.
In terms of altcoins, one of the most important indicators to determine whether the bull cycle has started is Altseason Condition 2. The indicator used to identify when the altcoin market is doing better compared to Bitcoin, using indicators such as dominance.
As the chart below illustrates, the larger altcoins are compared to BTC, the greater the chance that an “altseason” will occur (period when altcoins outperform Bitcoin). Fernando Pereira, analyst at Bitget, explains the concept behind this indicator.
Altseason Condition 2 elucidates the capital rotation we are talking about. Note how the supply of stablecoins and ETH is increasing rapidly in recent days, showing us that the moment for smaller currencies is already a reality”, explained Pereira.
With BTC stable in the US$96,000 region, the trend is that with the increase in this indicator altcoins may gain more space in terms of high. Investors will likely look for new cryptocurrency options with lower market caps, limiting BTC’s gains against them.
“Faced with such a situation, we have to take advantage of this phase, as it may be short, but very volatile and with different possibilities for profit”, says Pereira.
Bitcoin Today 12/04/2024: altseason gains strength while BTC loses space
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Bitcoin Today 12/04/2024: altseason gains strength while BTC loses space
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Bitcoin Today 12/04/2024: altseason gains strength while BTC loses space
