Cointime

Cointime

Download App
iOS & Android

Altcoin Searches Hit All-Time High As Bitcoin Breaks $100k Barrier

Cointime Official

Bitcoin continues its dramatic price surge after incoming US President Donald Trump made a few crypto-friendly picks for his next cabinet.

Bitcoin Breaks Past $100K

Hours after announcing that he’ll likely nominate Paul Atkins for the Securities and Exchange Commission (SEC) post with current chair Gary Gensler stepping down on inauguration day, Bitcoin makes another move, finally breaching the $100k mark. And this excitement over the world’s top crypto has spilled to altcoins.

Bitcoin breaking the $100k barrier today. Source: Coingecko

According to Google Trends, interest in “altcoins” spiked dramatically last November 30th, hitting 100, backed by a post-election frenzy and the appointment of crypto-friendly personalities. On December 4th, it hit 88 out of 100, matching the enthusiasm of the altcoin season 2021.

Altcoin Searches Started To Surge In November

Interest in altcoins and Bitcoin started to grow in November in anticipation of a second Trump administration. The public’s excitement is reflected on Google Trends, with searches for altcoins hitting 93 in November before declining to 56 in the second week.

Searches for "altcoins" up from Nov 4 to Dec 4. Source: Google Trends

An increasing search volume has traditionally been attributed to retail investors’ participation, the industry’s main driver of price surges. Today’s attention on altcoins is comparable to the bull cycle of 2016/17. Market observers say that this cycle of interest in popular altcoins happens when Bitcoin’s price is stable or new highs are being tested.

Total crypto market cap currently at $3.6 trillion. Chart: TradingView

Aside from a spike in interest, some altcoins have registered substantial gains. For example, XLM and XRP’s prices have quadrupled this December but are still down from all-time highs. On the other hand, Tron (TRX) and Binance Coin (BNB) have hit new highs, suggesting increased market attention.

Favorable Altcoin Season Indicators

Market analysts and commentators are now paying attention to trends and other indicators to gauge the market mood. Jamie Coutts, the Chief Crypto Analyst of Real Vision, shared that the recent Bitcoin price performance isn’t the only best indicator of a potential altcoin surge.

Coutts added that the number of tokens trading offers a better understanding of the altcoin market. The Real Vision analyst also relies on the Altseason Indicator, which has a current score of 67% and suggests a consolidation phase for altcoins.

Folks, Altseason isn’t determined by the #Bitcoin dominance chart—it’s all about market breadth, like the number of assets outperforming $BTC.

In my view, when my Altseason Indicator crosses above 50% and the market is trending upward, that’s Altseason. Right now, the indicator… pic.twitter.com/ZsFGHTjpFK

— Jamie Coutts CMT (@Jamie1Coutts) December 2, 2024

Related Reading:‘Bitcoin Jesus’ Roger Ver Slams US Overreach Amid Indictment Battle – Details

CryptoQuant’s CEO Sees Spike In Trading Volume

Meanwhile, Ki Young Ju of CryptoQuant also shared his thoughts on the recent price action, saying that transferring assets from BTC to altcoins is no longer the main driver of the market. Instead, he cited the increase in trading volume for stablecoins and their market pairs as true drivers.

Young argued that the increase in stablecoin trading volume explains the current movement of altcoins. If there’s an increase in altcoin trading volume, it also means that use cases are expanding.

Featured image from NullTX, chart from TradingView

Comments

All Comments

Recommended for you

  • BTC Surpasses $84,000

    Market data shows that BTC has surpassed $84,000, currently priced at $84,004, with a 24-hour decline of 0.25%. The market is experiencing significant volatility, so please ensure proper risk management.

  • BTC Falls Below $84,000

    Market data shows that BTC has fallen below $84,000, currently priced at $83,988.06, with a 24-hour increase of 0.52%. The market is experiencing significant volatility, so please ensure proper risk management.

  • ETH Falls Below $2700

    Market data shows that ETH has fallen below $2700, currently priced at $2699.7, with a 24-hour increase of 1.95%. The market is experiencing significant volatility, so please ensure proper risk management.

  • BTC Surpasses $85,000

    Market data shows that BTC has surpassed $85,000, currently priced at $85,000.02, with a 24-hour increase of 1.72%. The market is highly volatile, so please ensure proper risk management.

  • ETH Surpasses $2700

    Market data shows that ETH has surpassed $2700, currently priced at $2700.14, with a 24-hour increase of 1.23%. The market is experiencing significant fluctuations, so please ensure proper risk management.

  • Yushu Technology's Wang Xingxing: Key to Breakthrough in Embodied Intelligence Lies in Solving Millimeter-Level Error Issues

    On September 25, the 5th Global Digital Trade Expo was held in Hangzhou, where Wang Xingxing, founder of Yushu Technology, delivered a keynote speech titled "From Machinery to Intelligence - The Evolutionary Theory of Embodied Future." Wang stated that the embodied intelligence industry may soon experience a critical breakthrough similar to that of ChatGPT. He believes that when robots can complete approximately 80% of tasks through voice interaction and embodied intelligence capabilities in about 80% of unfamiliar environments, the industry will enter a critical phase of large-scale application. He pointed out that the ability for robots to understand and execute specific tasks based on voice commands has already made breakthroughs last year, but the industry still faces a core technological bottleneck, namely the precise matching issue between artificial intelligence models and the real physical world. Wang noted that currently, robots still have a few millimeters of error during actual operations, which limits their stability and reliability in complex environments. "In the future, whoever can solve this problem will fundamentally resolve the issues with robots."

  • Swissquote Analyst Warns AI Narrative is a Core Pillar of US Stocks, Potential Break Could Trigger Significant Correction

    On September 25, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, stated that broad market indices and retirement funds are now deeply tied to the AI wave, with technology stocks accounting for about 40% of the S&P 500 index. She pointed out that the market capitalization weight of just three chip manufacturers makes up over 25% of the MSCI Emerging Markets Index. Ozkardeskaya indicated that AI has become the 'core pillar' of the market, and this pillar 'must not show any cracks.' She believes that, in the short term, the US stock market will continue to be supported by seasonal factors, and the current market uptrend may extend until the end of the year. However, she also warned that the worst-case scenario would be a shake in the investment logic surrounding AI, which could undermine market confidence in the AI narrative, potentially triggering a significant market correction.

  • U.S. Stock Index Futures Turn Positive; Chip Stocks Rally in After-Hours Trading

    On September 25, U.S. stock index futures rose into positive territory, with Nasdaq futures up 0.36%. In after-hours trading, storage and semiconductor stocks saw widespread gains, with AMD, Intel, and SanDisk all rising by 2%.

  • NEAR Partners with Ondo to Launch 20 Tokenized US Stocks and ETFs

    On September 25, according to Cryptonews, NEAR Protocol and Ondo Finance have launched trading for tokenized US stocks and ETFs on near.com, with an initial offering of 20 assets including Nvidia, Tesla, Apple, Microsoft, Amazon, as well as SPY and QQQ. Eligible users can deposit using over 30 supported stablecoins or other crypto assets, with NEAR Intents serving as the cross-chain distribution layer, allowing similar assets to be routed to connected wallets and DeFi protocols in the future. Purchases are settled in USDon, which is backed 1:1 by US dollars in brokerage accounts, and completed via atomic swaps. This product is not available to US persons; the overall Ondo platform has launched over 100 assets, with NEAR initially offering only one-fifth of that.

  • Meta Achieves Best Monthly Performance Since 2013, Market Value Approaches $2 Trillion

    On September 25, Meta is experiencing a strong rebound driven by AI expectations, with the popularity of its personal AI assistant Muse serving as a significant catalyst for this rally. The company's stock had faced considerable pressure earlier this year, but it quickly rebounded in September. As of September 24, the stock price has risen approximately 36% this month, marking the strongest single-month performance since 2013, with its market value nearing $2 trillion, just about 1% away from this milestone.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company