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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?
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.
