Traders Shift Focus from Bitcoin to Promising Altcoins Amid Market Volatility

According to Marcus Thielen, head of research at 10x Research, experienced traders are increasingly shifting their attention from Bitcoin to promising altcoins.

Recent market trends show an increase in altcoin trading volume as traders seek opportunities for higher returns amid Bitcoin’s volatile corrections.

He recalled that Bitcoin has faced several corrections since mid-March, marked by four lower highs. However, if Bitcoin breaks the $65,000 mark, it could surge towards $70,000 and potentially reach new all-time highs by the end of the year. However, Bitcoin’s dominance is waning and many former Bitcoin investors are now exploring alternative cryptocurrencies.

Thielen also noted that Ethereum is also showing signs of recovery, with its weekly revenue reaching $21 million – the highest since June 2024. Rising gas fees suggest increased network activity, which could further boost Ethereum’s price.

He argues that as Bitcoin’s dominance fades, altcoins like Solana and various DeFi tokens are gaining popularity. Thielen also mentioned that a few altcoins that traders are accumulating ahead of a potential altcoin rally are:

– Bittensor (TAO)
– Ethena (ENA)
– SEI (SEI)
– Aptos (APT)
– Sui Token (SUI)
– Near Protocol (NEAR)
– The Graph (GRT)