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?

競爭幣一直在今年的監管不確定性中落後,因此,K33研究分析師表示他們對選舉結果"更敏感"。
'LTC'必須翻譯為'LTC'。
'ENS'必須翻譯為'ENS'。
'AR'必須翻譯為'AR'。
'競爭幣'必須翻譯為'競爭幣'。
'山寨幣'必須翻譯為'山寨幣'。

比特幣在加密貨幣市場的主導地位上升至60.6%的新高,這是自2021年4月以來最強勁的表現,因為包括ETH和SOL在內的較小加密貨幣在最近的回撥中表現不佳。

Bitfinex分析師表示,由於缺乏重大催化劑,山寨幣在中期內可能繼續與比特幣抗衡。

Coinbase研究主管表示,到2025年的有利宏觀背景將為整個數字資產類別(包括山寨幣)提供支撐。

美國大選臨近，比特幣價格壓倒山寨幣。之後會出現山寨幣反彈嗎？

在過去幾天出現了大幅波動之後,像Polymarket這樣的投注市場
<AR>必須翻譯為'AR'</AR>。

比特幣突破 70,000 美元，加密貨幣和美國股市在選舉日早些時候走高

BTC下跌,因為已經破產的交易所Mt.Gox從其儲存轉移了價值22億美元的資產到新的錢包。

美國大選前，Dogecoin上漲，比特幣 ETF 下跌

動盪不安的總統競選活動已經結束。
'AMP'必須翻譯為'AMP'。
'Amp'必須翻譯為'Amp'。
'Dent'必須翻譯為'Dent'。