Altcoins have been experiencing significant discounts in the aftermath of the recent market sell-off following Bitcoin’s correction. While some analysts are advocating for “buying the dip,” on-chain analyst and Alphractal founder, Joao Wedson, has issued a cautionary note to altcoin traders. Wedson advised staying in stablecoins rather than Bitcoin or any altcoins, citing unfavorable performance and dominance trends. He suggested that the ideal exit point was when BTC was above $106k, signaling that now might be the time to exit everything.
Wedson highlighted an increase in Bitcoin versus altcoin positioning, indicating a shift of capital from altcoins to BTC and stablecoins. This shift could potentially lead to a strengthening of BTC dominance in the coming weeks and months, posing challenges for altcoins. Additionally, the BTC dominance 90-day change turning positive for the first time since the altcoin rally in November further complicates the altcoin scenario.
Despite the recent correction, the overall performance of the altcoin sector has been sluggish, with most top and mid-cap altcoins experiencing a 10%-30% decline over the past week. Ripple (XRP) and Cardano (ADA) witnessed significant drops, with XRP down nearly 10% but holding above $2, while ADA plummeted 18% and fell below $1. In contrast, Ethereum (ETH) fared better, only dropping 6% and maintaining support at $3.5K.
Notably, outliers like Hyperliquid (HYPE) and Pudgy Penguins (PENGU) saw impressive rallies of 40% and 425%, respectively. However, the Altcoin Season Index hit a monthly low of 50%, indicating a slowdown in the overall performance of the altcoin sector.
As the market awaits the potential “Santa rally,” the outlook for altcoins remains uncertain, with current data leaning towards bearish sentiment. Nonetheless, a strong rebound in 2025 could reignite interest in the altcoin market. Stay tuned for more updates on the evolving cryptocurrency landscape. The Benefits of Regular Exercise
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