Historically, altcoin prices generally fell in December, wiping out millions of market caps each year. Analysts believe the trend could repeat and trigger a drop in altcoin prices in the next two weeks. To follow the details cryptocoin.comStay in.
Is it the right time to buy altcoins?
A correction in Bitcoin dominance could negatively impact the price of altcoins. Since 2017, the Bitcoin bull run has been followed by a bloodbath in altcoins as capital returns to mainstream crypto. Millions were wiped out of the crypto market as altcoin prices plummeted. Analysts believe that December is the best period to buy altcoins. Altcoins are giving a better buying opportunity than Bitcoin in December. In Bitcoin’s 2013 and 2017 bull runs, the price hit an all-time high in December. Bitcoin’s dominance peaked in December, driving altcoin prices and market share down.
Analysts observed that December is the best time of the year to buy altcoins. In 2020, even when the price of Bitcoin also plummeted and over $40 billion was wiped from the crypto market, the altcoins that followed are offering investors buying opportunities at a rare discount. Altcoins have lost a significant percentage of their market share alongside the Bitcoin bloodbath. Chainlink, Cardano, and XRP lost double-digit losses in a single day, giving investors the opportunity to buy. Analysts believe this trend is likely to repeat itself and this December presents a buying opportunity for altcoins.
What does the popular analyst say?
Michaël van de Poppe, a crypto analyst, recently tweeted: “Historically, the best time to buy #altcoins is December. Most likely, this will happen again.”
The Dogecoin price gained over 25% within hours of Tesla’s announcement that it was accepting the meme coin as payment. @AltcoinSherpa, a cryptocurrency analyst by the pseudonym, has observed that the prices of Shiba-Inu-themed cryptocurrencies are pulling back.
Bitcoin dominance is currently 38.6%, as seen in previous BTC bull runs, a correction could have a negative impact on altcoin prices. FXStreet analysts evaluated altcoin price trends and predicted that Cardano, XRP and Shiba Inu are in the accumulation zone and are poised for further consolidation. This will provide investors with a buying opportunity for Cardano, XRP, and SHIB.
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