The cryptocurrency market has been a hive of activity following the U.S. Presidential election, with Bitcoin taking center stage. According to insights from 10x Research, Bitcoin has experienced a textbook breakout, retesting its support levels before skyrocketing by nearly $30,000. This surge has ignited investor excitement, as many are eager to catch the next significant rally.
Bitcoin’s Rising Demand
This year has been monumental for Bitcoin, with its price soaring to an unprecedented high of $93,000. This has fueled market-wide gains and bolstered Bitcoin price predictions for 2025. After a relatively slow 2023, 2024 has met bullish expectations, with Bitcoin leading the charge. Over the past eleven months, Bitcoin has seen positive growth in eight of them, culminating in a new all-time high in November. As it currently holds above $90,000, the crypto community is buzzing with anticipation for what the new year might bring, including fresh opportunities and milestones.
Altcoin Season Incoming?
A new trend is emerging in the crypto space as larger, well-established altcoins join the rally. These “legacy” altcoins, boasting market caps of $5 billion or more, have seen sudden and dramatic price surges. This marks a shift from smaller meme coins to more robust projects with stronger fundamentals. Interest in altcoins has surged, reaching levels not seen since November 2021, as evidenced by a Google search score of 70. This indicates a rising tide of retail interest, supported by increased spot trading volumes for altcoins. While Bitcoin searches have cooled, the altcoin market is heating up swiftly.
Memecoins on a Bull Run Too!
Since late September, meme coins have captured retail interest, achieving an all-time high in Google search trends. Their popularity has surpassed previous peaks, drawing massive attention and speculation from traders. The memecoin sector dominated 2024, experiencing a staggering growth of $93 billion, outpacing more established cryptocurrencies. The memecoin market expanded from $23.55 billion to an impressive $119 billion, with a massive $58.9 billion in trading volume, marking a 397.88% surge in value. Memecoins like Dogecoin and PEPE have become hot picks, especially in the wake of Trump’s victory.
Next Big Breakouts Ahead
The sustainability of these rallies remains a topic of debate, yet the market’s fast pace leaves little room for hesitation. Key altcoins are approaching critical levels, hinting at more potential breakouts. With growing interest in both meme coins and legacy altcoins, the crypto market appears poised for another significant wave of growth. In this bullish phase, both newer and older projects are capturing investor attention. Whether it’s meme coins, legacy altcoins, or Bitcoin, the race to identify the next breakout opportunity is in full swing.
