Donald Trump’s victory on November 6 sent the Bitcoin price to all-time highs, surging above $75,000. A few hours later, altcoins also joined the party, with the altcoin Ethereum price gaining 11% to reach $2,850. Investors are questioning whether this is the beginning of the long-awaited altcoin season.
Altcoin projects are stealing attention from Bitcoin
On Donald Trump’s victory day on November 6, the Bitcoin price reached all-time highs, reaching as high as $75,000. Altcoins appear to be attracting investors’ attention as the bulls try to defend these levels. Ethereum price gained 12% to reach $2,850 and is aiming for further rises towards all-time highs. This happened despite strong selling pressure from Ethereum whales. Popular crypto analyst IncomeSharks noted that ETH price has made a significant breakout from the downtrend line slope, opening the doors for a 75% rally from there to all-time highs.
Moreover, after reaching lower lows over the past few months, the ETH/BTC trading pair has moved up slightly. “With ETH/BTC at 0.035, it definitely makes sense to start hedging,” Cowen said. However, he added that the ETH/BTC pair must close above the 50 DMA for the bottom formation to be confirmed. Apart from the Ethereum price increase, other altcoins such as Solana also made strong gains with Donald Trump’s victory. Solana price rose once again to $188 as talks about approving the spot Solana ETF under the Trump presidency gained momentum. As a result, analysts predict that SOL will rise to $300 levels from here.
Losing control over BTC?
Some market analysts state that it is too early to declare altcoin season and expect Bitcoin dominance to increase further. Also, this could just be the beginning of the next big Bitcoin bull run. Veteran trader Peter Brandt shared an optimistic outlook for Bitcoin, suggesting that it has entered a “sweet spot” in the current bull market halving cycle. According to Brandt, Bitcoin is on track to peak between $130,000 and $150,000 by August or September of next year, marking a potential new high for the cryptocurrency.
Echoing similar sentiments, crypto analyst Ali Martinez noted that the next BTC peak typically occurs 8 to 12 months after a monthly close above previous all-time highs. Therefore, he expects the next BTC peak to occur anywhere between July and November 2025.
Bitcoin’s recent all-time high is not a sign of overvaluation relative to its cost basis, according to blockchain analytics firm CryptoQuant. The company’s data on the MVRV rate shows that BTC remains well below its peak levels. Additionally, Bitcoin’s price is close to investors’ average purchase cost, indicating that the market is not overheated at the moment. These insights point to the potential for continued growth in Bitcoin’s value.
