Altcoins, short for alternative coins, are ideally those that are other than Bitcoin (BTC). This encompasses ETH and other similar coins, although some lists may exclude Ether due to its higher market cap. Volatility continues to prevail across the crypto market. Exploring less risky options is one way to navigate around it for better profits. This is where altcoins come in and BTC takes a back seat. They often fetch higher returns in a short time. Therefore, they remain a better option. Predictions for fourth-quarter performance are up for grabs amid speculation that altcoins will overperform top cryptos.
Anticipated Resurgence of Altcoins
There is a notable shift in the market dynamics as several investors are either injecting funds into other tokens or are seen holding on to them for profits. Some of the factors that are contributing to this anticipation are investor sentiment, market patterns, and economic indicators. Suffice it to say, small investments stay safe in altcoins while the story is different for BTC and ETH.
The recent events may have served as a minor teaser, and there is a growing anticipation that altseason will commence.
Bitcoin’s Influence and the Emerging Altseason
Given the possibility of an altseason following the teaser, it is feasible that tokens other than BTC might perform better on the price charts. The current conditions represent something similar. At the time of writing this article, DOGE has risen by 2.56% against BTC’s rate of 1.05% and ETH’s rate of 0.43% in the last 24 hours.
One way in which BTC can help altcoins achieve the goal is by unknowingly bringing down its dominance in the market. While this may not actually happen, it could lead to a shift in preference towards something safer amid the rising fluctuations and volatility. The market will also be affected by macroeconomic factors like the rate cut by the Federal Reserve. There is sufficient potential for altcoins to outperform BTC; DOGE is already leading this venture.
Transcending Traditional September Declines
BTC is more frequently seen as a token that loses value in September every year. Even if there is potential for Bitcoin to shift the flows in a different direction this year, it is probable that altcoins will capitalize on this image. In the past, prices have retracted; however, this time, conditions are different, as it is supported by Spot ETFs and likely Presidential figures.
Altcoins may end 2024 on a higher note. DOGE is likely to surpass $0.15, and SHIB could lean toward $0.00002. BTC will also experience gains, at least up to $100,000, but ultimately, it will depend on the actions of investors and the rate at which tokens rise by the end of the year.
Conclusion
The cryptocurrency landscape is evolving despite being present for more than a decade. Investors are coming around to accepting BTC and altcoins, as the latter offers a more promising outlook. In the end, it could be about patience and staying in the landscape for the long term. Before investing in cryptocurrency, it is advisable to conduct a risk assessment and research.