Bitcoin recently took the spotlight, rocketing up the price charts right after the US elections. But hold onto your hats, folks, because this week, altcoins are stealing the show! Let's dive into how Web3 is making the internet cool again.
Now, Bitcoin's price was still enjoying a 9% boost compared to last week. But that's a bit of a dip from the 17% weekly surge we saw back on November 10th, just five days post-election madness. The election brought in a bunch of crypto-friendly politicians, giving the market a jolt, much like those Bitcoin ETF news frenzies we all remember.
Now that the Bitcoin fireworks are settling, we're seeing signs of an “alt season” popping up everywhere. Traders are buzzing about this, as Bitcoin's dominance in the market is slipping, making way for the altcoin brigade.
BTC was the big boss of this recent rally, flexing its muscles and dominating the market with levels we hadn't seen since March 2021. It was like a cannonball splashing into Web3's liquidity pools. With big names like Trump, Musk, and Fink backing Bitcoin, the bulls were charging hard.
Bitcoin's dominance hit a mighty 62% on November 21st, but just 48 hours later, its share dipped to 59%. Altcoins jumped on the bandwagon, with some shooting for the moon.
And speaking of altcoins, we had some fabulous performances this week from Stellar (XLM), Ripple (XRP), VeChain (VET), and Polkadot (DOT). Crypto analyst MegaWhale Crypto even declared that “Altseason likely starts today,” highlighting how the market mirrors the 2020 Bitcoin cycle.
Meanwhile, another analyst, TechDev52, hinted at a potential altseason trigger, sharing a chart of Bitcoin touching a key line.
Altcoins are a wild and diverse mix of digital currencies, optimized for the internet's future. They're powered by cryptographic magic, similar to Bitcoin, running on decentralized networks that are open, fair, and transparent. So, buckle up and get ready for the altcoin adventure!
