Bitcoin is stable above 110,000, but altcoins have not welcomed a flourishing market. Funds within the circle may need to wait a while to see if the main force can continue to exert firepower. If the weekend market can sustain, then the funds for altcoins may start to move.
Many altcoins are on the verge of breaking through. For example, the ETH/BTC exchange rate has been oscillating upwards since the 19th, with a recent high of 0.026. If there can be a breakthrough over the weekend, then other altcoins will definitely follow suit. The reason why various altcoins are not making much noise now is that this round has not seen a decent altcoin bull market; people's sentiment has been too low for too long, and the market needs more confirmation of upward movement to start moving.
Because the funds pushing Bitcoin and altcoins are not from the same group, the outside funds coming in only recognize Bitcoin as the core asset, so they only buy Bitcoin, and altcoins are temporarily not being bought. For altcoins to rise, they need internal funds from the crypto circle to work together. The current point of contention is whether the main funds will take advantage of Bitcoin's momentum to run away directly, or will they push up altcoins first before withdrawing?
Currently, it seems that the altcoin season has not yet started, and attention should be focused on the performance of the leading altcoin, Ethereum. The current market situation is basically similar to that of 2017 and 2020, when the market conditions were roughly the same as now, with the concept of Bitcoin 'sucking blood.' Gradually, this will fade, and it will mostly follow Bitcoin's fluctuations. So seeing Bitcoin 'sucking blood' and all other coins lying still doesn't feel too significant; just wait. I always have a feeling that the altcoin season is brewing something big. It's not that it won't explode; the time is just not right. For now, just follow the main troops.
During this time, even the ETH, which has been criticized by many, has rallied. As long as BTC stabilizes for a while without 'sucking blood,' the party for altcoins will begin. How could there not be an altcoin season? The gambling nature is evident; behind every altcoin on Binance is a restless whale!
Next, a thought process for choosing altcoins can be referenced;
The old coins that surged 5-10 times at the end of last year can be ignored for now because the current old mainstream coins basically follow the overall market trends. It is very difficult for them to break out into independent trends. The effects of independent trends, such as previous AXS and Pepe, were driven separately. Many people believe that old mainstream coins will not be delisted and that they will buy more when prices drop, but in reality, the funds from the main players are dispersed and are likely to flow into new projects.
When the altcoin market came in November last year, many people were on the new coins in the secondary market, reasoning that in March 2024, the market would rally new coins, trading new instead of old. They were fixated on the altcoin market in March 2024, but what happened? The main force directly pumped the established mainstream coins, leaving those heavily invested in secondary market new coins empty-handed. Now many people are fixated on the altcoin market in November 2024, heavily invested in established mainstream coins, believing that the established mainstream coins will surge next. If you can't see the movements of the main forces clearly, it will be very difficult to benefit from independent trends.
Next, you can keep an eye on the new coins that will be listed on Binance in 2024-2025. However, not all new coins are worth following; pay attention to these three conditions:
Funds continuously flowing into the exchange (look at the trading volume, not just the price).
The project party is really doing things that can make money (see if they have actual income).
Riding the current hot topics with altcoins is the real wealth code.
The above thought process excludes the MEME track, as the core value of memes is consensus.
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