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COINTURK NEWS > Cryptocurrency News > Bitcoin Surges Past $97,000: Will Altcoins Follow Suit?
Cryptocurrency News

Bitcoin Surges Past $97,000: Will Altcoins Follow Suit?

In Brief

  • Bitcoin's recent fluctuations leave altcoins in a cautious recovery phase.

  • Analysts anticipate a potential rise in altcoins alongside Bitcoin's performance.

  • The crypto market shows signs of increased activity and volume in January.

Ömer Ergin
Ömer Ergin 6 months ago
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The price of Bitcoin (BTC) $105,262 has retreated to around $96,300 after surpassing $97,000. Meanwhile, altcoins continue the day positively. With the beginning of January and the first business day of the year, experts suggest that this marks the onset of the expected upward trend. However, what do predictions indicate for cryptocurrencies?

Contents
Insights on CryptocurrenciesThe Rise of Altcoins

Insights on Cryptocurrencies

Recently, altcoins have significantly weakened. The local downturn in BTC’s price has erased at least half of the gains from the November election results. Although BTC has experienced lesser losses, the fear and panic surrounding altcoins are not yet over.

An analyst known as Jelle highlighted altcoins, particularly SUI Coin, indicating that the upward trend may continue.

The Wolf of Main Street anticipates continued growth in altcoins. Although quick profits may prompt slight sell-offs in altcoins like EIGEN, the analyst has set a clear target for ETH.

If ETH surpasses $3,840, it could inspire confidence in the remaining altcoins. Data from the upcoming ETF on January 2 will provide further insights into the market’s direction.

The Rise of Altcoins

An analyst named Kans suggested that Bitcoin’s market dominance might further decline, paving the way for a significant upward movement in altcoins. While BTC hovered around $96,250 at the time of writing, altcoins were battling to maintain their daily gains.

Kans stated the following:

“It is time to eliminate BTC dominance and allow altcoins room to operate. If you’ve built your altcoin portfolio now, you will likely see the best profit ratios in the coming months.”

The total market value of cryptocurrencies has approached $3.4 trillion again, with total trading volume nearing $126 billion, a 44% increase. On days when cryptocurrencies are active, we have seen volumes exceeding $300 billion. As January 20 approaches, volume peaks may be surpassed.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 2 January, 2025 - 9:14 pm 2 January, 2025 - 9:14 pm
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