As Bitcoin hits 19-month high, analysts turn to altcoins.

Bitcoin is currently dominating the cryptocurrency market, soaring to its highest price in 19 months at $41,700. However, altcoins are slow to react but usually follow rallies, so which one moves first?

Bitcoin’s massive move today has narrowed the gap from all-time highs to less than 40% for the first time since April 2022.

Altcoins paying attention to the next market move

Bitcoin dominance surged below 54% today as the asset led the market higher. Moreover, the market has continued to rise steadily over the past year, hitting bottom in December 2022.

Altcoins are still lagging, with many of them still hovering around 80% below their all-time highs.

Ethereum moved relatively slowly. Despite rising 4% today to $2,250, ETH is down 54% from its high while BTC is down 39%.

However, since altcoins have lagged Bitcoin in previous cycles, there is a good chance that history will repeat itself.

Analysts are paying attention to the altcoin market, anticipating this movement. On December 4, “IncomeSharks” commented:

“If you miss Bitcoin’s 9% move, you won’t be hit as hard when some ALTS and Microcaps do 900% moves. “It’s about being one step ahead of the money flow.”

Analyst ‘Moustache’ shared A similar chart says: “We’re still in the early days.”

Cryptocurrency YouTuber Lark Davis vote When asked whether Altseason had arrived yet, only half of respondents thought it had arrived.

Among high-value altcoins, BNB is still down 66%, XRP is down 81%, Solana is down 75%, Cardano is down 87%, and Dogecoin is down 88% from its peak. Moreover, DeFi-related tokens are showing a further decline, so there is still a long way to go.

However, there are still a lot of shitcoins and pump and dump schemes out there, so always DYOR (do your own research) and don’t pay much attention to what’s posted on social media.

TODAY’S TOP PERFORMERS

There are a handful of altcoins making bigger moves than Bitcoin this Monday.

Shiba Inu (SHIB) gained more than 8% on the day. However, Memecoin is still down 89% below ATH.

Bitcoin Cash (BCH) is up 9% to $249, but the BTC hard fork is down 93% from its December 2017 high.

Internet Computer (ICP) gained 7% on the day, but the token has lost 99% of its all-time high.

There are only a handful of altcoins hitting double digits today, and they are all still getting crushed at their peak cycles. So the situation is still in its early stages.