Crypto Moves #52 – Are You Ready for Altcoin Season?
In Crypto Moves #18 from early March this year, we referred to this crypto bull market as the least speculative in the history of the crypto market. By Crypto Moves #35 in early July, we reaffirmed this view. Meanwhile, during this period, Bitcoin had outpaced almost every other altcoin.
Since then, Bitcoin’s dominance in the market has shown a steady upward trend. This dominance is measured by dividing Bitcoin’s market capitalization by the total market cap of the entire crypto market. At the start of 2024, Bitcoin’s dominance was around 48%. Today, that figure has climbed to nearly 57%.
Chart 1: Bitcoin’s Market Dominance During 2024
Altcoin season in this bull market is approaching fast. Trump’s U.S. presidential victory is undoubtedly more favorable for altcoins than for Bitcoin, and they stand to gain even more from declining interest rates. We are already seeing the effects, with Ethereum’s transactional revenue surging in recent days. Following Trump’s win, we estimate a 50% chance that a new ETF will launch in the U.S. in 2025, with Solana being the most likely candidate.
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