As Bitcoin Cools After Its New High, Altcoins Rally Continues
Bitcoin experienced a slight retreat after reaching an all-time high of $76,400 earlier today and is currently trading just below $75,000. Meanwhile, the largest altcoin, Ethereum, is gaining ground while several altcoins continue to perform strongly.
Bitcoin Maintains Gains
Bitcoin fell to around $67,000 earlier in the week but quickly rebounded following positive results in the U.S. presidential elections. The cryptocurrency gained nearly $8,000 in a short time, surpassing $75,000 and breaking its March record. With a market capitalization exceeding $1.48 trillion, Bitcoin's market dominance has declined to below 60% due to a nearly 1% drop today.
As a result of these developments, Bitcoin shows a 4% increase on a weekly basis, and investors are curious about how the asset will perform in the medium term. While Bitcoin continues to exhibit volatility, market participants are seeking greater returns in altcoins.
Ethereum and Other Altcoins Rise
Despite limited movements yesterday, Ethereum made a significant leap today, rising by 8% to exceed $2,800, reaching its highest level in three months. XRP, ADA, LINK, and AVAX also recorded notable gains, while DOGE declined by nearly 4% during the day.
Notably, the most remarkable moves came from lesser-known altcoins. ENA gained 32%, RAY 30%, NEIRO 22%, LDO 20%, AAVE 15.5%, and PEPE 11.5%. These movements have increased the effectiveness of altcoins in the market, with the total value of the cryptocurrency market rising by $50 billion to approximately $2.65 trillion.
Expectations for an Altcoin Season Continue
With Bitcoin reaching record levels, significant increases in altcoins are taking place, strengthening the possibility of a new altcoin rally. Altcoins like Ethena (ENA) and Raydium (RAY) stand out with gains exceeding 30%. ENA is testing levels above $0.5, while RAY signals strong potential for new peaks.
As investors try to capitalize on Bitcoin's price movements, interest in Ethereum and other popular altcoins is growing. Analysts predict that especially with Bitcoin's dominance entering the 60% range, a broader altcoin rally could be triggered. This situation may allow altcoins to take the spotlight and diversify the market further.