Originally published on: November 29, 2024
The crypto market is gearing up for a wild ride as altcoins are expected to experience intense swings until Bitcoin breaks past the $100,000 mark, says leading crypto analyst Pav Hundal.
Hundal, the head analyst at Swyftx exchange, shared his insights at Aus Crypto Con 2024, emphasizing the need for a significant move by Bitcoin to trigger a rotation of capital within the market.
While there are hidden gems like memecoins showing promising gains, altcoins are predicted to remain volatile until Bitcoin smashes through the six-figure price point. Recently, Bitcoin came close to hitting the $100,000 mark, peaking at $99,605 before retracing to $96,476.
According to Hundal, altcoins may see substantial gains followed by sharp pullbacks, creating a choppy trading environment. For instance, Solana saw a 13% surge in just 24 hours, only to lose nearly the same percentage over the next five days.
Even popular memecoins like Pepe experienced a similar pattern, surging by 93.2% in one day after major listings, then retracing 22% the following day, as per CoinMarketCap data.
Despite the market turbulence, there’s still hope for altcoin enthusiasts. Hundal hinted at the possibility of memecoins like Pepe delivering explosive gains reminiscent of Doge’s previous cycles, especially as Bitcoin dominance decreases.
Bitcoin dominance currently stands at 58.3%, with projections suggesting it could climb higher before altcoins see a resurgence. As new capital flows into the market, altcoins are poised for an exciting comeback, potentially eclipsing previous all-time highs.
While the crypto market remains dynamic and unpredictable, staying informed and conducting thorough research is key to navigating these volatile waters. So buckle up, hold on tight, and get ready for a rollercoaster ride through the altcoin landscape.