- Bitcoin’s rally to $114,000 could signal the start of Altcoin Season, with XRP potentially leading the charge.
- A breakout above key resistance points may trigger a liquidity wave, driving both Bitcoin and altcoin values.
- Bearish divergence in BTC dominance could pave the way for XRP to surge by up to 462% in favorable conditions.
Bitcoin’s (BTC) recent rally has generated speculation that altcoin season may be just around the corner. BTC hit $114,000 in the early hours of the morning due to the high volume of trading. This may be the beginning of a new era in the cryptocurrency market, and altcoins such as XRP may be at the forefront of this change. Analysts believe that the emergence of Bitcoin may lead to a shift towards altcoins.
Source: X
CryptoInsightUK noted that a breakout above major resistance points will be the entry to a new rally. Analysts suggest that the future trend of Bitcoin may result in a liquidity wave. A corresponding increase can follow a surge in Bitcoin’s value in altcoin value. This possible shift may herald the beginning of the so-called Alt Season.
Source: X
Bitcoin Growing Dominance
Altcoins’ performance has been historically closely linked to the rallies in Bitcoin. The last time Bitcoin broke a range like this, the XRP rose with a difference of $0.55 to $2.70 within a period of 30 days. Analysts wonder whether history is going to repeat itself. As the market stands, the possibility of XRP repeating its skyrocketing performance is high.
Source: X
Also Read: Bitcoin Eyes Breakout Amid Bullish Momentum and Strong Institutional Demand
Since the end of 2022, the market share of BTC has continued to grow. Nonetheless, XRP has stayed stable at approximately $2.00. With BTC still leading the pack, the concern is whether other crypto tokens, such as XRP, can emerge and escape the shadow of BTC. According to the analysts, the market is in an alt season start phase, and in the near future, altcoins may gain the spotlight once again.
Source: X
Impact on Altcoin Momentum
Analyst BigMike has revealed that BTC will target between $160,000 and $200,000. He indicates that this next wave may come on a clean break above 108,500 and that BTC dominance could rise to new levels. This may stilt the Alt Season, however, pushing it even later into 2025. The rise of BTC will slow down altcoin momentum.
BTC dominance (BTC.D) has exhibited bearish divergence. This may signify a change of pace against BTC. If it were to happen, the stronghold of BTC would be undermined. Altcoins such as XRP might experience a massive rally. Analysts suggest that XRP gains could be as high as 462% under favorable conditions.
Source: X
These next few weeks will be crucial. The value of altcoins can depend on the actions of Bitcoin. If Bitcoin continues its rally, it may initiate the expected altcoin rally. Otherwise, altcoins such as XRP could get an opportunity to be in the lead again.
Also Read: XRP Eyes Breakout as Bullish Pennant Forms With $5 Target in Sight
