Pav Hundal, lead analyst at crypto exchange Swyftx, indicates that altcoin volatility will persist until Bitcoin firmly establishes itself above the $100,000 mark. Speaking at Aus Crypto Con 2024, he emphasized the importance of Bitcoin's rise to unlock sustained altcoin growth.
Short-Lived Gains and Retracements
Hundal pointed to several examples of altcoin volatility. Solana registered a 12.98% surge in just 24 hours on November 21, only to relinquish almost all those gains within five days. Similarly, Pepe soared by 93.15% following its listing on Coinbase and Robinhood on November 15, but retraced 22% the following day.
Bitcoin Dominance: A Key Metric
Hundal also highlighted Bitcoin dominance as a key metric in predicting altcoin performance, noting that it could climb to the 65-67% range or even hit 70% before reversing. The focus is on recognizing when conditions are shifting for the altcoin market.
Future of Altcoins: Traders’ Expectations
Altcoin volatility remains a focal point for market participants as they monitor Bitcoin’s price and dominance to assess future prospects for altcoins.
Analysts predict ongoing volatility in the altcoin market until Bitcoin reaches the $100,000 mark. Bitcoin's dominance and its impact on the market continue to be key aspects for market participants.
