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Glassnode founders Jan Happel and Yann Allemann indicate that altcoins may soon outperform Bitcoin 
$103,147. In a recent statement to their 63,300 followers on the social media platform X, they suggested that within the next two weeks, altcoins might leave Bitcoin behind.
Decline of Bitcoin Dominance
The Glassnode founders analyzed the Bitcoin Dominance (BTC.D) chart, noting that Bitcoin’s share of the total cryptocurrency market capitalization has decreased. The continuing downward trend of BTC.D indicates that altcoins have a faster potential for value appreciation compared to Bitcoin.
“Bitcoin dominance has been rejected at the upward trendline – is this the setup for a Christmas rally in altcoins?” Allemann questioned whether this is a sign of an upcoming altcoin rally before Christmas.
Bitcoin’s Consolidation Above $100,000
For altcoins to gain prominence, Bitcoin needs to consolidate above the $100,000 level. A sideways movement period could create the necessary groundwork for altcoins to make significant gains.
Sell Pressure from Long-Term Investors
Negentropic pointed out that Bitcoin has not initiated a significant increase above $100,000 because long-term investors holding Bitcoin for over 155 days are exerting sell pressure. Glassnode executives suggested that the potential for Bitcoin to gain value by early 2025 increases as the amount of Bitcoin long-term investors are willing to sell decreases.
“Sell pressure from long-term investors continues,” Happel noted, adding that long-term holders have reached their lowest levels of Bitcoin holdings in the year, suggesting significant exits occurred in 2024.
While year-end profit-taking and successive liquidations have intensified sell pressure, the onset of the new year could signal an end to this trend and hint at potential market dynamics changes.
Currently, Bitcoin is trading around $101,893, with BTC.D hovering around 56.94%. This indicates that it remains below the trend line mentioned by the Glassnode founders.
In light of these developments that could impact market dynamics, it may be beneficial for investors to consider potential opportunities in the altcoin market.
