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 falls below $88,000

     market shows BTC fell below $88,000, currently at $87,997.85, 24-hour decline reaches 0.88%, market volatility is significant, please manage your risk accordingly.

  • The U.S. spot Ethereum ETF saw net inflows of $84.59 million yesterday.

     according to Trader T monitoring, the US spot Ethereum ETF had a net inflow of 84.59 million USD yesterday.

  • ETH breaks $3,000

     the market shows ETH breaking through $3000, currently at $3000.08, with a 24-hour decline of 0.38%. The market is highly volatile, please manage your risk accordingly.

  • Binance Wallet launches "secure auto-signature" service

     according to the official announcement, Binance Wallet has launched the "Secure Auto Sign" (SAS) service: it now supports mnemonic/private key wallets to trade on Binance Wallet (web version).

  • Circle minted 500 million USDC on the Solana network.

    according to Onchain Lens monitoring, Circle has minted 500 million USDC on the Solana network. Since October 11, Circle has issued a total of 18 billion USDC on the Solana network.

  • Sources familiar with the matter: JPMorgan Chase is considering offering cryptocurrency trading services to institutional clients.

    according to Bloomberg, as major global banks deepen their involvement in the cryptocurrency asset class, JPMorgan Chase is considering offering cryptocurrency trading services to its institutional clients. A knowledgeable source revealed that JPMorgan is evaluating what products and services its market division can offer to expand its business in the cryptocurrency field. The source stated that these products and services may include spot and derivatives trading.

  • Federal Reserve Governor Milan: We believe that the policy rate will eventually be lowered.

    Federal Reserve Board member Mylan stated that due to the US government shutdown, there were some anomalies in last week's inflation data; he believes that the US will not experience an economic recession in the near term, but if policies are not adjusted, the US will face an increasing risk of economic recession. We believe that policy interest rates will eventually be lowered.

  • BlackRock deposited 819.39 BTC, worth approximately $73.72 million, into Coinbase.

     according to Onchain Lens monitoring, BlackRock deposited 819.39 BTC into Coinbase, worth approximately 73.72 million USD.

  • Ghana passes law legalizing the use of cryptocurrency

    according to Bloomberg, the Ghanaian Parliament has approved a cryptocurrency legalization bill aimed at addressing the expanding use of cryptocurrencies in the country but the lack of regulation. According to Johnson Asiamah, Governor of the Bank of Ghana, the newly passed Virtual Asset Service Providers Act will facilitate the licensing of crypto platforms and the regulation of related activities.

  • CryptoQuant: Bitcoin network activity cools, market shows clear bearish signs.

    CryptoQuant published an analysis stating that the Bitcoin market continues to be in a bear market state, with multiple network indicators showing a significant cooling of activity. Data shows that the 30-day moving average of Bitcoin is below the 365-day moving average (-0.52%), and the bull-bear cycle indicator confirms the current bear market pattern. The number of network transactions has dropped from about 460,000 to about 438,000, fees have decreased from $233,000 to $230,000, and highly active addresses have reduced from 43.3K to 41.5K, all indicating reduced speculative activity and that the market is in a defensive phase.

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