With Bitcoin taking a major downfall during the crypto market crash, altcoins began to trend in the market despite the drops and corrections. Let’s discuss the trending cryptos and the reasons behind their trends.
Top Trending Altcoin of The Day and Why?
The number of cryptos in the market easily reaches millions, but today, the trending altcoins are Ethereum, Dogecoin, and Solana. The tokens already hold a top position on CoinmarketCap, in which investors’ demand and market cap have played the biggest role. As a result, these are trending even in the crypto market crash.
Ethereum, the biggest altcoin in the market, has also grabbed Donald Trump’s attention, where the soon-to-be inaugurated US president holds $1.68M worth of ETH tokens. Similarly, Trump’s crypto project, World Liberty Financial, began the ETH buying in the last few days.
The Trump WLFI project has bought 722 ETH worth 2.5M USD with the current Ethereum price dip. It already has 8104 from its earlier ETH buying, showing rising interest in the token. Additional whales went for the same buying the dip strategies, fueling the ETH’s demand, currently trading at $3,402.59 with a trading volume of $59.06B after a 15% surge. Similarly, Dogecoin enthusiasts are flocking to buy. That’s because, the DOGE price almost tripled within a few days, from $0.15 to $0.46 in the recent rally. This is building confidence for further rallies. It is currently at an elevated position of $0.3202 with a $9.56B trading volume with a 50% increase.
Interestingly, the SOL token’s hype is due to the Solana ETF, which might get approved at the beginning of 2025. After the Bitcoin and Ethereum ETFs, Solana and XRP are next in line, and even a Bloomberg ETF Analyst, Eric Balchunas, believes that these will get approved pretty soon. With that, the token is gaining momentum, and analysts believe Solana’s price can hit $300. It is currently at $193.53 with $7.79B after a 9% surge, clearly representing growing investor interest.
Altcoin Season Next?
In the crypto bull run, traders’ attention was divided among thousands of altcoins, not to forget Bitcoin and its milestone of BTC price hitting ATH at $108.2k. However, as the market is on a downtrend, investors have begun to focus on profit potential tokens. Interestingly, these include Ethereum, Solana, and many others, but analysts see it as a hint for the upcoming altcoin season. For weeks, analysts have been eyeing this moment. One called the next 1-2 weeks as the period of market resets and correction before paving the way for the altcoin to boom, as the alts-BTC correlation dropped to a 12-month low.
Another analysis sees Donald Trump’s inauguration as the key moment. He says that Bitcoin will face a 20-25 correction in mid-January. Although the altcoins would face the same, their recovery will be instant, allowing them to flourish during the altcoin season. However, these are speculations for now amid the rising crypto market volatility. Additionally, as the Altcoin season index dropped to 47, the lower the number, the lower the chances of the altcoin dominations. Regardless, the next few weeks could give a better insight into these claims.
What’s In There For You With These Altcoins?
Bitcoin had the biggest bullish dominance this year, surging 2.5x since the beginning of 2024. However, many trending altcoins have presented similar rallies under the influence of BTC. However, that could go even better once the alt-BTC correlation breaks and the alternative cryptos get to follow separate trajectories. Even in the confusing and crashing crypto market, analysts foresee the altcoin season, under whose influence Ethereum, DOGE, Solana, and many other cryptos are booming with increased activity as investors are flocking to utility-based or long-term growth tokens to buy the dip.
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