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Altcoins took center stage as Bitcoin continued to consolidate under the coveted $100,000 mark, signalling that the highly anticipated altseason might finally be here.

Over the past 24 hours, Bitcoin demonstrated a lot of volatilty, trading between $94,878 – $98,145 before finding its footing above $96,000 at press time.

There was a lot of Bitcoin buying activity over the past few days but most it came from institutions as retails investors deviated towards altcoins.

Bitcoin’s market dominance also slipped to the low 50’s, typical sign that liquidity was moving away from the benchmark crypto.

According to anonymous crypto analyst ‘BATMAN,’ Bitcoin’s market dominance has broken below its year-long bullish trendline, which previously acted as a key support level.

With a confirmed body close outside this trendline, the analyst suggests that Bitcoin’s dominance is likely to decline further.

Adding to this narrative, liquidation data from the past 24 hours revealed $37.32 million in long liquidations and $34.20 million in short liquidations.

This near-balance in liquidations highlights Bitcoin’s consolidation phase, as neither bullish nor bearish forces have managed to dominate the market.

A pattern often seen during the lead-up to altseason.

The cryptocurrency market cap hit an all-time high of $3.66 trillion, driven primarily by strong performance from altcoins.

This surge occurred despite Bitcoin’s momentum slowing down, as market sentiment remained highly optimistic. 

The Crypto Fear and Greed Index reflected “extreme greed,” consistently staying above 80, signaling a strong appetite for risk among investors.

Most market experts on X predict Bitcoin’s price will dip to the mid-$80,000s in the coming weeks.

However, the prevailing sentiment is that this is a natural correction on its journey toward $100,000.

For instance, crypto commentator Byzantine General anticipates a deeper pullback in Bitcoin’s price, potentially dropping below $85,000 before staging a recovery.

However, he stressed that it was a short-term correction but added that altcoins might also dip alongside BTC.

Similarly, pseudonymous analyst CJ said he is eyeing the mid-$80,000 range as a key area of interest for Bitcoin. 

He sees this pullback as an opportunity for a bullish reversal in the short to mid-term, especially if Bitcoin reclaims key levels like $90,000 and holds above the 4-hour EMA 200, which he identified as a critical support for triggering long positions.

Meanwhile, analyst Daan Crypto Trades highlighted that Bitcoin has entered a price discovery phase, a stage where significant gains have occurred in past cycles.

He noted that Bitcoin surged 1,600% in 2017 and 245% in 2021 during similar phases, adding that even half of the 2021 rally could see prices reach $150,000 this time around.

On a similar note, Charles Edwards, founder of Capriole Fund, explained that Bitcoin’s price discovery phase typically lasts 4–7 months and delivers substantial returns, and he expects “insane long opportunities” in the coming months.

With Bitcoin consolidating, the altseason narrative has gained strength, with the Altcoin Season Index reaching 78—the highest since January.

Typically, values above 75 indicate the market is in altseason.

Several prominent projects posted notable gains on the day, with the leading performers being:

XRP (XRP) rallied 41.7% over the past day trading at $2.7 at press time while bringing its market cap to over $153.9 billion.

The gains extended the altcoin’s monthly gains to over 430% while its daily trading volume jumped 321% hovering over $48.16 billion.

Source: CoinMarketCap

XRP’s recent rally followed the rumour that the Federal Reserve was considering XRP and XLM as potential systems to power the blockchain aspect of their FedNow payment system. 

Further, with SEC Chair Gary Gensler reportedly stepping down and a more crypto-friendly US. administration expected under Donald Trump in January 2025, rumors suggest the SEC may soon resolve its six-year lawsuit against Ripple, potentially boosting XRP.

Hedera (HBAR) rose 42.9% over the last 24 hours, exchanging hands at a 10-month high of $0.279 before parting some of its gains and settling around $0.277 when writing.

Its market cap was standing at $10.59 billion while its total trading volume over the past day was up 182%, at around $4.67 billion.

Source: CoinMarketCap

HBAR’s price rallied after it was selected to power the Federal Reserve’s payment system dubbed FedNow allowing real-time transactions in a more secure and efficient manner.

Further rumours of Hedera integrating support for Ripple’s RLUSD stablecoin have further fueled HBAR’s rally.

The altcoin also gained amid ongoing speculation about the launch of an HBAR-focused exchange-traded fund, which could increase traditional investors’ exposure to the altcoin.

Over the past day, Kaia (KAIA) gained 40.4% trading at its all-time high of $0.3371 per coin while its market cap surged past $1.9 billion at the time of publication.

The price rally came along with a jump in KAIA’s trading volume which was up 255% hovering over $385.4 million.

Source: CoinMarketCap

KAIA’s recent price surge follows its integration with Avalon Labs’ USDa stablecoin, allowing users to earn yields of up to 15% while improving liquidity for the platform.

The altcoin’s rally was also fueled by news of upcoming developments including a plan to roll out a mini dapp portal on the Japanese social media app Line that would enable its users to launch and enjoy web3 games on the platform.

The post Altcoin season begins? XRP, HBAR, KAIA lead gains after Bitcoin consolidation appeared first on Invezz

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