Altcoins have lagged throughout the year amid regulatory uncertainty, and hence, K33 Research analysts said they are "more sensitive" to the election results.

<div><div><div><ul><li><div>Bitcoin's dominance over the crypto market rose to a fresh high of 60.6%, the strongest since April 2021, as smaller cryptos, including ETH and SOL, underperformed during the recent pullback.</div></li><li><div>Altcoins' struggle against bitcoin could persist in the mid-term due to a lack of major catalysts, Bitfinex analysts said.</div></li><li><div>Coinbase's head of research said a favorable macroeconomic background into 2025 will provide a tailwind for the whole digital asset class, including altcoins.</div></li></ul></div></div><div><div><div></div><div></div><div></div></div></div><div><div><p>Bitcoin’s <a href="https://coindesk.com/price/bitcoin/" title="Bitcoin Price | BTC Price Index and Live Chart - CoinDesk" rel="nofollow">(BTC)</a> grip on the whole digital asset class rose to a fresh 3.5-year high on Tuesday as alternative cryptocurrencies, or altcoins continued to struggle against the leading crypto with the U.S. election looming over the market.</p></div></div></div><div><div><div></div></div></div><div><div><div><p>While BTC was down less than 4% from last week's near-record high of over $73,000, large-cap altcoins like Ethereum's ether <a href="https://coindesk.com/price/ethereum/" title="Ethereum Price | ETH Price Index and Live Chart - CoinDesk" rel="nofollow">(ETH)</a> and Solana's native token <a href="https://coindesk.com/price/solana/" title="Solana Price | SOL Price Index and Live Chart - CoinDesk" rel="nofollow">(SOL)</a> both dropped nearly 10% from their recent highs. The broad-market CoinDesk 20 declined nearly 6%</p></div></div><div><div><p>Smaller cryptos fared even worse, as the combined market capitalization of altcoins excluding the top 10 largest cryptos, shown as OTHERS on TradingView, plummeted to the lowest relative to bitcoin since early 2021.</p></div></div></div><div><div><div></div></div></div><div><div><div><p>The price action propelled bitcoin’s market cap dominance, which measures BTC's share of the total crypto market capitalization, to 60.6%, its strongest level since April 2021.</p></div></div><div><div><figure><picture><source></source><source></source><source></source><source></source><source></source><source></source><img src="https://www.coindesk.com/resizer/C0wr5x0SbSg4R9gkg1CX6JwwMCI=/560x401/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/Z3K5VYT7URE2TCHNP4VCDD4EZU.png" alt="Market cap of tokens excluding the top 10 largest (OTHERS) tumbled to fresh lows in early November vs. a bitcoin's market cap (TradingView)"></picture><figcaption><span>Market cap of tokens excluding the top 10 largest (OTHERS) tumbled to fresh lows in early November vs. a bitcoin's market cap (TradingView)</span></figcaption></figure></div></div><div><div><p>"Altcoins are now seeing severe drawdowns whenever BTC pulls back," Bitfinex analysts said in a <a href="https://blog.bitfinex.com/wp-content/uploads/2024/11/Bitfinex-Alpha-129.pdf" rel="nofollow"><u>Monday report</u></a>.</p></div></div></div><div><div><div></div></div></div><div><div><div><p>"With BTC absorbing most of the capital flow into crypto assets, altcoins are struggling to keep up, and without a fresh catalyst, their prospects for a comeback in the near-term appear slim," the authors added.</p></div></div><div><div><p>Speculative interest that supported altcoin outperformance during brief periods have vanished, as funding rates on perpetual futures markets normalized, the report noted.</p></div></div><div><div><p>Bitcoin's winning streak against alts may continue for a while, Bitfinex analysts forecasted.</p></div></div><div><div><p>"We believe that the altcoin market may experience further declines relative to bitcoin in the mid-term, primarily due to the apathy of speculators."</p></div></div></div><div><div><div></div></div></div><div><div><div><p><i><b>Read more: </b></i><a href="https://www.coindesk.com/markets/2024/11/04/bitcoin-likely-to-rally-after-the-us-election-irrespective-of-who-wins-history-shows-van-straten/" rel="nofollow"><i><u><b>Bitcoin Likely to Rally After the U.S. Election, Irrespective of Who Wins, History Shows: Van Straten</b></u></i></a></p></div></div><div><div><h2>Regulatory uncertainty weighs more on altcoins</h2></div></div><div><div><p>Altcoins have lagged through this year against bitcoin, in part because of their regulatory ambiguity, K33 Research noted in a <a href="https://k33.com/research/articles/election-excitement-promises-volatility" rel="nofollow"><u>Tuesday report</u></a>. This means that the election results and the perceived outlook for digital asset regulations will matter more for smaller cryptos than BTC, the report added.</p></div></div></div><div><div><div></div></div></div><div><div><div><p>"Bitcoin’s attributes and wide availability position it to thrive in the medium term, regardless of the [U.S. election] outcome," K33 Research analysts Vetle Lunde and David Zimmerman said. "For altcoins, the election is more sensitive,"</p></div></div><div><div><p>"This implies that the medium-term path dependency in alts should be more sensitive to the election than BTC," they added.</p></div></div><div><div><h2>Macro strength could provide a tailwind</h2></div></div><div><div><p>The elections, and the uncertainty around the outcome weighing on the market, might as well be the inflection point for altcoins starting to catch up with bitcoin, according to David Duong, head of research at Coinbase.</p></div></div></div><div><div><div></div></div></div><div><div><div><p>"I would expect bitcoin dominance to start to kind of plateau here as altcoin names are probably going to take more of a front seat due to the fact that people are going to play them more because of the elections," said Duong in an interview with CoinDesk.</p></div></div><div><div><p>He said the election will be a catalyst for crypto prices but likely won’t have an outsized impact, as favorable macro conditions will provide a tailwind to the whole asset class.</p></div></div><div><div><p>"I would actually say I'm fairly optimistic through probably early to first half of the first quarter of 2025, in part because I think we're in a very strong macro environment and it's been very favorable,” he said. “I do think that we're gonna see us benefit from the elections as well, regardless of who wins."</p></div></div><div><p>Edited by Aoyon Ashraf.</p></div></div>

Bitcoin Price Crushing Altcoins Heading Into U.S. Election. Is There an Alt Rally Coming After?

竞争币一直在今年的监管不确定性中落后,因此,K33研究分析师表示他们对选举结果"更敏感"。
'LTC'必须翻译为'LTC'。
'ENS'必须翻译为'ENS'。
'AR'必须翻译为'AR'。
'竞争币'必须翻译为'竞争币'。
'山寨币'必须翻译为'山寨币'。

比特币在加密货币市场的主导地位上升至60.6%的新高,这是自2021年4月以来最强劲的表现,因为包括ETH和SOL在内的较小加密货币在最近的回调中表现不佳。

Bitfinex分析师表示,由于缺乏重大催化剂,山寨币在中期内可能继续与比特币抗衡。

Coinbase研究主管表示,到2025年的有利宏观背景将为整个数字资产类别(包括山寨币)提供支撑。

美国大选临近，比特币价格压倒山寨币。之后会出现山寨币反弹吗？

在过去几天出现了大幅波动之后,像Polymarket这样的投注市场
<AR>必须翻译为'AR'</AR>。

比特币突破 70,000 美元，加密货币和美国股市在选举日早些时候走高

BTC下跌,因为已经破产的交易所Mt.Gox从其储存转移了价值22亿美元的资产到新的钱包。

美国大选前，Dogecoin上涨，比特币 ETF 下跌

动荡不安的总统竞选活动已经结束。
'AMP'必须翻译为'AMP'。
'Amp'必须翻译为'Amp'。
'Dent'必须翻译为'Dent'。