A popular cryptocurrency exchange platform foresees an outsized market rally for altcoins in the upcoming weeks after Donald Trump assumes the US presidency on January 20. A Coinbase analysis urged crypto traders to start positioning themselves in the altcoin space as a potential huge rally concerning altcoins is on the horizon.
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Coinbase Reports Rise Of Altcoins
Coinbase crypto exchange suggested that the upcoming massive market rally for altcoins could be on the way and might happen in the succeeding weeks after Trump returns to the White House.
The crypto exchange released its latest weekly market commentary which provided its insights on Trump’s upcoming inauguration and its impact on the cryptocurrency landscape, saying that although the incoming American president is pro-crypto, it might take a while before “all planned crypto-related policies on the agenda” will be fully implemented.
However, Coinbase analysts noted that after Trump’s inauguration on January 20, they are expecting a surge in altcoins since, they believe, the digital asset space is preparing for a massive altcoin rally.
The crypto exchange’s report stated that crypto traders might be strategically positioning themselves to fuel another growth spurt for altcoins under the Trump administration.
According to Coinbase, the latest surge in altcoins is driven by a slight drop in the dominance of Bitcoin.
“The drop in BTC dominance from 58.5% to its support level of 57.3% during the inflation print relief rally on January 15 suggests to us that traders may be positioning for an outsized altcoin market rally on the back of positive catalysts for risk assets and crypto,” Coinbase explained in the report.
BTC’s Fading Dominance
A crypto analyst observed that the dominance of the world’s most popular cryptocurrency, Bitcoin, could be slightly dipping, a circumstance that allowed the latest altcoin pump.
“Importantly for the long tail, $BTC dominance has been slowly fading since late November ’24 – fireworks if that continues,” VC firm Placeholder partner and former ARK Invest crypto lead Chris Burniske said.
Importantly for the long tail, $BTC dominance has been slowly fading since late November ’24 – fireworks if that continues. pic.twitter.com/PyBWTwT8os
— Chris Burniske (@cburniske) January…
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