Analysts Say Bitcoin Hits 19-Month High, Turns to Altcoins

Bitcoin is currently dominating the crypto markets, hitting a 19-month high of $41,700. However, altcoins have been slow to react but usually follow their rallies, but which ones move first?

Today's massive move in Bitcoin reduced the gap below 40% for the first time since April 2022.

Altcoins eye in the next market movement

Bitcoin's dominance rose below 54% today as the asset led market gains. In addition, in December 2022, the market has steadily increased over the past year, if it is low.

Altcoins are lagging behind, with many still down 80% from their all-time highs.

Ethereum is very slow to move in comparison. Despite today's 4% jump to $2,250, ETH is down 54% from its peak, while BTC is down 39%.

However, altcoins have lagged Bitcoin in previous cycles, so history may repeat itself.

Analysts have been watching the altcoin markets in anticipation of this move. On December 4, IncomeSharks commented:

A loss of 9% movement on Bitcoin is not very irritating when some ALTS and Microcaps are making 900% movement. A step forward in cash flow.

Commentator ‘The Beard' also shared a similar chart, “It's still very early days imo.”

Crypto YouTuber Lark Davis polled whether or not the altseason has arrived yet, and only about half of the respondents think so.

Of the high-cap altcoins, BNB is still down 66%, XRP 81%, Solana 75%, Cardano 87%, and Dogecoin 88% off its peak. Additionally, DeFi-related tokens have been reduced further, so there are still plenty left.

However, there are still plenty of shiticons and pump and dump schemes out there, so always DYOR (do your own research) and don't pay attention to what's shilling on social media.

Today's top performers

There are few altcoins making bigger moves than Bitcoin this Monday.

Shiba Inu (SHIB) gained over 8% on the day. However, MemCoin is still down 89% from ATH.

Bitcoin Cash (BCH) is up 9% at $249, but the BTC hard fork is down 93% from its December 2017 high.

The Internet Computer (ICP) has done 7% per day but this token has been wiped from its all-time high of 99%.

There are only a handful of altcoins making double digits today, and they're all still broken from their cycle highs so yes, things are still very early.