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Bitcoin’s dominance has hit a two-year low, paving the way for an altcoin rally. Market shifts driven by Trump’s presidential win and SEC Chair Gary Gensler’s departure are setting the stage for surges in XRP and Ether.
Altseason Begins as Bitcoin Dominance Breaks Two-Year Support
Smaller cryptocurrencies may experience a surge in December and attract additional investments in the run-up to January 20 as a result of the signal printed by Bitcoin's dominance.
According to a post by famous analyst Mikybull Crypto on November 30th, the market is "officially in altseason" since Bitcoin dominance, which is defined as the ratio of Bitcoin to the overall value of the crypto market, has dropped to 56.1%, below its two-year support line.
"Altseason" is short for "altcoin season" in crypto lingo; it describes the general upswing in non-BTC cryptocurrencies that typically occurs as Bitcoin's dominance begins to wane.
Investors are reinvesting portion of their profits from Bitcoin positions into alternative cryptocurrencies, as the dominance of Bitcoin continues to decline.
Trump’s Victory Sparks Renewed Interest in Altcoins
Even smaller cryptocurrencies, like Ether, have attracted the attention of crypto investors. Analysts now anticipate an Ether rise above $4,000 due to a 160% increase in demand for leveraged Ether ETFs following President-elect Donald Trump's 2024 presidential victory on November 5.
The decline in Bitcoin's dominance could be good news for the sixth-largest cryptocurrency in the world, XRP.
Ryan Lee, principal analyst of Bitget Research, predicts that XRP price might reach $2.57 by the end of 2024, given the present market structure.
Gensler’s Exit and XRP ETF Could Transform Market Dynamics
The analyst spoke with Cointelegraph about:
“It is anticipated that XRP could reach approximately $2.57 during [December 2024]. Notably, XRP's price trends may be influenced by Bitcoin's halving event. Historically, XRP has shown significant growth around 228 days after a Bitcoin halving.”
According to Lee, if the possible XRP ETF continues to go forward, it will significantly boost the price of the coin.
As of November 1st, asset management 21Shares was the third firm to apply for an XRP ETF with the US Securities and Exchange Commission (SEC).
There might be some fundamental price drivers in the cryptocurrency market that help XRP and other altcoins in the first month of 2025.
January 20 Brings Major Catalysts for Altcoin Market
The resignation of SEC Chair Gary Gensler on January 20th is a key event that could herald a shift toward more crypto-based ETFs and more favorable cryptocurrency laws.
Investors are expected to be more daring after Trump's inauguration on January 20. In the time running up to Trump's inauguration, some experts expected Ether to surge past $4,000.
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