After enjoying a mini price run in the last week of October, Bitcoin’s price has corrected below $68k to start the first week of November. While this is normal price action for Bitcoin, this trend also impacts the crypto industry, particularly altcoins. Historical patterns suggest that altcoins’ performance highly depends on Bitcoin’s price action. BTC’s market dominance has hit 60%, affecting altcoin market performance and restricting its price rallies. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival A crypto analyst, Benjamin Cowen, expects that altcoins will face a steep decline, probably in early 2025, before recovering. In a post, Cowen argues that the market will first witness a substantial loss in value for altcoins before signs of recovery emerge. According to Cowen, the altcoin market will face “a reckoning,” and holders and traders can expect the correct to happen by December 2024 or early January 2025. It looks like the grand finale of the altcoin reckoning has finally arrived. The altcoin reckoning should be over by December 2024 (2nd week of Janua ..
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