Altcoins could suffer more before seeing any gains, according to one cryptocurrency trader who predicted a final “altcoin reckoning” will occur.
ITC cryptocurrency founder Benjamin Cowen said in an article posted on
He added that this altcoin calculation should be completed by December 2024, or at the latest by the second week of January 2025. “It has been a long journey and many have given up along the way, but this process will always continue,” he said.
This prediction is based on the final flush out of the altcoin market that occurred during the 2019 bear market, and the current altcoin market cap chart is showing a similar pattern.
The altcoin surged to record highs in 2021 after showing a gradual recovery in 2020. According to analysts, this scenario is likely to occur in 2025.
source: Benjamin Cowen
In a separate post on
Trader “ardizor” predicted something similar in a post on November 4, saying that the altseason pattern of 2017 and 2021 “is happening again 3 years later.”
Meanwhile, cryptocurrency investor “Sensei” told his 60,000 X followers that “the biggest alt season ever will begin within 10 days.”
relevant: Is cryptocurrency ‘alt season’ approaching? Watch for three key signs in the coming months.
Bitcoin (BTC) market dominance is currently at 60.5%, the highest since March 2021, according to TradingView. I don’t think there will be much movement in altcoins until BTC’s market share falls below 50% again.
Bitcoin’s dominance over the past four years. Source: TradingView
Cryptocurrency markets retreated over the weekend, with total capitalization falling to $2.4 trillion by Monday, November 4.
Altcoins were hit hardest by these losses. Ethereum (ETH) and Solana (SOL) are down 11% since their October 30 highs, BNB is down 8%, and Bitcoin is down just 5.8% since hitting $73,000. It continued to dominate the cryptocurrency market at the end of last month.
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