✨ QCP: Altseason May Be Just Around the Corner
posted 19 Nov 2024
QCP observes that lower-cap altcoins often surge when major cryptocurrencies settle into consolidation after notable price rallies.
For instance, last weekend, as Bitcoin (BTC) and Ethereum (ETH) moved sideways, Solana (SOL) posted a 17% rise from its Friday lows.
Related: Can Altcoin Season Be Forecasted?
Currently, BTC's market dominance is around 60%. QCP believes the onset of a true altseason is likely if this percentage dips below 58%.
As long as BTC holds its course toward $100,000, investors show reluctance to commit fully to altcoins. Those who missed the boat on Bitcoin will likely need to wait for their opportunity when (or if) their altcoins “awaken.”
BTC Market Dominance. Source: TradingView.
QCP also attributes potential altcoin gains to the expected pro-crypto pivot by the new U.S. administration and a possible interest rate reduction by the Federal Reserve.
These shifts could provide a more nurturing environment for cryptocurrency growth.
BTC maintains strong institutional backing, even with last week's net ETF outflows. The Japanese company Metaplanet, emulating Bitcoin giants like MicroStrategy, has declared its plans to channel $11 million from bond sales into further BTC purchases.
QCP identifies the current blend of political and financial elements, coupled with unprecedented institutional endorsement, as reasons supporting BTC's potential rise to $100,000.
QCP, a Singapore-based digital asset trading company established in 2017, offers customized derivatives, spot trading, and structured solutions for institutional and accredited investors, ensuring continuous liquidity.
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