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The post Bitcoin Price Struggles to Reach $100k: Will Altcoins Lead the Next Crypto Rally? appeared first on Coinpedia Fintech News
The initial crypto bullish momentum registered after the historic victory of US President-elect Donald Trump has significantly declined in the last few days. Bitcoin (BTC) price failed to reach the highly hyped target of $100k last week, thus leaving a huge room for speculation of the monthly close.
Meanwhile, crypto traders have gradually shifted focus to performing altcoins to maximize gains. Some of the altcoins that have attracted significant attention from traders in the recent past include Ripple’s XRP, Stellar Lumens (XLM), Polkadot (DOT), Celestia (TIA), Decentraland (MANA), and The Sandbox (SAND).
Consequently, the total crypto market cap has hovered slightly above $3.5 trillion, with more gains expected fueled by the notable cash inflows from institutional investors.
Why the Crypto Industry Could Register a General Selloff Before Recovery
The cryptocurrency market has registered heightened liquidation of long traders in the last few days, which is a major factor behind the potential selloff. As crypto traders shift focus to short the market to recoup losses, the risk of a stronger long squeeze becomes prevalent.
Bitcoin, Ethereum, Solana, and XRP have all suddenly seen a lull in all of the crowd euphoria that was dominating this 2+ month long bull run. Has the $100K BTC party being delayed caused trader-wide depression? Not exactly. Stellar, Polkadot, Celestia, and others are actually… pic.twitter.com/kSC4x7wjnH
According to Santiment’s analyst, crypto traders should be wary as the crowd proliferates to altcoins that have been outperforming in the past two weeks. Moreover, Santiment noted that the crypto market tends to move in the opposite direction of the crowd’s expectations.
“So if Bitcoin continues to be overlooked for random pumping altcoins, the familiar pattern is for everything to get slightly flushed (especially the alts that are being FOMO’d), and then once the crowd deems the bull rally dead, it is the perfect time for BTC to go on a run and perhaps finally capture the six-figure market value you are anticipating,”
Santiment noted.
FAQs
The crypto market is experiencing a shift from Bitcoin to altcoins, with heightened liquidation and a potential selloff before any recovery
In 2030, the price of 1 Bitcoin could reach a height of $347,783.
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