Bitcoin dominance has printed a significant signal for altcoin investors, that could see smaller cryptocurrencies rally during December and attract more investments ahead of Jan. 20.
Bitcoin BTC
In crypto slang, altseason, short for altcoin season, refers to the collective rally of cryptocurrencies besides BTC, which tend to benefit from Bitcoin’s declining dominance.
Declining Bitcoin dominance suggests that investor are taking profit from their BTC positions and investing part of these funds into altcoins.
Crypto investor interest has already spread to smaller assets, such as Ether ETH
Analysts eye $2.57 XRP price in December
The XRP XRP
Based on the current market structure, XRP price could rally up to $2.57 before the end of 2024, according to Ryan Lee, chief analyst at Bitget Research.
The analyst told Cointelegraph:
“It is anticipated that XRP could reach approximately $2.57 during [December 2024]. Notably, XRP’s price trends may be influenced by Bitcoin’s halving event. Historically, XRP has shown significant growth around 228 days after a Bitcoin halving.”
Further progress on the potential XRP ETF would be a major price catalyst for the coin, added Lee.
Asset manager 21Shares was the latest to file for an XRP ETF with the US Securities and Exchange Commission (SEC) on Nov. 1, as the third company to seek an XRP ETF.
SEC Chair Gensler’s departure to fuel crypto rally into 2025
XRP and other altcoins may also benefit from fundamental price catalysts leading into the first month of 2025.
One of the major catalysts comes on Jan. 20, when SEC Chair Gary Gensler will step down from leading the securities regulator — which could signal the acceptance of more crypto-based ETFs and favorable cryptocurrency regulations.
Trump’s presidential inauguration, also on Jan. 20, is anticipated to boost investor risk appetite. Some analysts predicted an Ether rally above $4,000 leading up to Trump’s inauguration.