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Resilience of altcoins amid significant fluctuations in Bitcoin’s price, which temporarily dropped from around $100,000 to $90,000 on December 5, 2024. This was reported by The Block, citing the opinions of several analysts. Key altcoins are outperforming Bitcoin both weekly and monthly, highlighting their greater stability.
After reaching a new all-time high, Bitcoin’s value has fallen by more than 13%. Meanwhile, the prices of assets such as Ethereum and Solana have decreased by only 5-8%. According to Andrei Dragos, head of the European analytics department at Bitwise, altcoins have started to show stronger performance compared to Bitcoin after the conclusion of the U.S. elections. He also noted that Bitwise’s Altcoin Season Index indicates that 85% of cryptocurrencies tracked by the company are outperforming the leading cryptocurrency.
“The performance correlation between altcoins and Bitcoin has significantly decreased. Lower correlation means that altcoins have greater growth potential than they did before the U.S. elections” added Dragos.
The expert noted that the performance of altcoins shows significant diversity, reaching its peak level since March 2024. According to him, this indicates a growing diversification of investment strategies that are shaping market dynamics. In addition, Dragosh highlighted the unprecedented volume of investments in cryptocurrency ETFs.
BRN analyst Valentin Fournier expressed the opinion that volatility in the market will remain high in the coming weeks. He emphasized that cryptocurrency market participants will closely monitor the release of key economic data, which could influence decisions regarding interest rates.
The CEO of the analytics platform CryptoQuant, Ki Young Ju, previously noted that the upcoming altseason will be unusual and challenging, “not what many expect,” and only a few cryptocurrencies will emerge as winners
