Altcoins Take Center Stage as Bitcoin Falls Below $100,000

Bitcoin’s recent drop below the $100,000 mark has shifted investors’ focus to altcoins, according to veteran traders. The flagship cryptocurrency had risen to an all-time high of $103,900 on December 5, but as profit-taking kicked in, its price fell below the $100,000 mark again, bringing increased attention to alternative coins.

Expert Insights

Michaël van de Poppe, a veteran crypto investor and trader, expects altcoins “to shine again” as Bitcoin faces correction. He notes that Bitcoin’s current price movements look similar to December 2023, when the global crypto market cap rose from $1.7 trillion to $2.9 trillion within three months.

Bitcoin is literally mimicking the price action from last December. I’m not sure whether we’ll get such a deep correction, but I do know that it’s time for #Altcoins to shine again.

Another crypto analyst, known as Milky Bull, expects the incoming “altseason” — a time when altcoins outperform Bitcoin — to last for three months, from December to March 2025, before a major correction happens.

Altcoin Season Index

According to data from Blockchain Center, the altcoin season index is currently hovering at 65, indicating that investors are currently more interested in altcoins rather than Bitcoin. For the altseason to fully kick in, over 75% of the leading 50 digital assets would have to outperform Bitcoin.

Top-Performing Altcoins

Data shows that 64% of the top 50 cryptocurrencies, excluding stablecoins and asset-backed tokens, have outperformed Bitcoin over the last 90 days. Hedera is leading with a 494% rally in the mentioned timeframe. Other top-performing altcoins include:

  • Ethereum: reached a local high of $4,070 in mid-March and is currently trading at $3,700
  • Hedera: leading with a 494% rally in the last 90 days

Market Dominance

At this point, Bitcoin has a market dominance of 53.1% with a market cap of $1.94 trillion. The altcoin market cap dropped from $1.89 trillion on December 9 to $1.68 trillion today amid the market-wide correction.

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