Altcoins See Massive Inflows Amid Bitcoin’s Record Rally, But 2021 Bubble Warnings Persist

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	62,885,384,984	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

62,885,384,984

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00811	1.92%	0.42993	0.4299	0.42992

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00811

1.92%

0.42993

0.4299

0.42992

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.44381	0.41667	0.4223	0.42182	0.074194 - 0.480780

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.44381

0.41667

0.4223

0.42182

0.074194 - 0.480780

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	19:54:02	9.20	0.42994	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

19:54:02

9.20

0.42994

USD

Price x Volume	Volume	Base Symbol	Related Pairs
246,321,203.63	571,864,951.22	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

246,321,203.63

571,864,951.22

Altcoins See Massive Inflows Amid Bitcoin’s Record Rally, But 2021 Bubble Warnings Persist

28/11/2024 6:00am

NEWSBTC

Amid a significant uptrend in crypto prices, altcoins are beginning to outperform Bitcoin (BTC), marking a notable shift since the historic highs of 2021. This surge coincides with Bitcoin nearing an all-time high of $100,000, fueled by the presidential election victory of Donald Trump, who positions himself as a pro-crypto leader. However, Bloomberg reports that the uncertainty stemming from the 2021 crypto collapse remains palpable among investors, as many altcoins experienced dramatic price fluctuations during past market cycles. Expert Voices Skepticism On Altcoins Rally Altcoins have shown impressive gains, with tokens like Solana (SOL) reaching new all-time highs, while many others have more than doubled in price since the beginning of the year. Historically, altcoins tend to outperform Bitcoin during market rallies but can also experience sharper declines during downturns due to their higher volatility and lower trading volumes. Related Reading: $15 Trillion Market Cap For Bitcoin? Crypto Firm CEO Predicts Explosive Growth The crypto market has been cautious since major players like FTX and crypto lender Celsius collapsed, which contributed to a significant bear market. Despite this, recent activity indicates a resurgence, with increased trading volumes and price rises among altcoins throughout November. Interestingly, James Butterfill, head of research at CoinShares, expressed skepticism about a massive altcoin rally, particularly in light of potential regulatory changes, including a proposed national Bitcoin reserve. Republican Senator Cynthia Lummis has introduced the Bitcoin Act, which seeks to allocate funds from the Federal Reserve’s gold reserves to acquire a strategic stockpile of 1 million Bitcoin. Butterfill told Bloomberg that the political implications of such legislation could significantly affect market dynamics, potentially increasing Bitcoin’s dominance over its peers. ETF Approval Hopes Could Boost Crypto Interest Under Trump While Solana stands out as the only major altcoin to surpass its previous highs this year, experts like Nikolay Karpenko from crypto trading firm B2C2 believe this rally could differ from the 2021 experience. The expert highlighted the industry’s maturity over the past few years, which has seen improvements in risk management and the entry of “more strategic” and institutional investors into the crypto space. As altcoins continue to gain traction, data shows that trading volume has become increasingly concentrated among the five most traded altcoins, rising from less than 50% earlier this year to over 60% this month. This shift can be attributed to unique factors affecting individual cryptocurrencies, such as Solana’s rise fueled by excitement over potential exchange-traded fund (ETF) approvals and Dogecoin’s gains related to its payment capabilities and support from figures like Elon Musk and his new position at the Department of Government Efficiency (DOGE). Related Reading: XRP Consolidates Below Crucial Resistance – Analyst Sets $1.60 Target The expert noted that the possibility of more altcoins receiving approval for ETFs under Trump’s administration could further enhance institutional interest. However, Butterfill cautioned that the market may begin to differentiate between assets, focusing more on fundamentals rather than riding the wave of speculative trading. Despite the bullish sentiment surrounding altcoins, they still trade at significantly lower prices than Bitcoin, with Ethereum (ETH), the second-largest cryptocurrency, priced at only about 4% of Bitcoin’s value. After hitting a new record high of $263 during last week’s rally, Solana has since fallen back to the $240 level, echoing the current correction Bitcoin is experiencing after hitting its new all-time high of $99,500. At the time of writing, SOL is up nearly 6% in the 24-hour time frame, while BTC is up 4% in the same period. Cover image from Dall-E, chart from Tradingview

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