As Bitcoin continues to display its strength in the cryptocurrency market, CryptoQuant’s latest analysis highlights the ongoing “Bitcoin season” and the standout performance of Toncoin (TON).
According to the report, Bitcoin, along with TON and Binance Coin (BNB), are among those closest to reaching new all-time highs (ATHs), indicating their relative strength and resilience in the current cycle.
CryptoQuant’s Price Drop Heatmap reveals that Bitcoin remains the closest cryptocurrency to its ATH, followed by BNB, TON, Solana (SOL), and Ethereum (ETH). This data points to Bitcoin’s continued dominance and highlights its consistent recovery trajectory compared to other assets. The analysis notes that most altcoins are still significantly below their historical highs, with declines ranging from -74% to -97%.
The analyst noted that while altcoins occasionally surge, these surges tend to be short-lived and are often followed by pullbacks to previous lows. This has contributed to Bitcoin’s steady rise in market dominance as investors appear to favor BTC amid market uncertainty.
The report highlights TON’s position as a standout token, suggesting that it has gained significant traction this cycle alongside Bitcoin. Its proximity to its ATH highlights its resilience and sets it apart from the majority of altcoins that have struggled to regain momentum, according to the analysis.
The CryptoQuant assessment also noted an interesting shift in market dynamics. While Bitcoin is set to reach new highs in 2024, altcoins have gone nearly 10 months without showing the robust growth witnessed during the 2021 bull market. This cycle is progressing at a slower pace, characterized by cautious and more uncertain market sentiment.
*This is not investment advice.