The post Best Crypto to Buy Now: Solana’s Growth and Altcoin Season Ahead appeared first on Coinpedia Fintech News
The crypto market has been showing mixed signals recently. While Bitcoin’s price has dipped slightly to $96,926, its dominance has dropped to 58.84%, sparking speculation about a potential shift towards altcoins. Despite Bitcoin’s minor setback, altcoins are starting to gain attention, with some showing strong growth. So, could an altcoin season be on the way?
Notably, altcoin’s dominance is also at 58% breaking its 525-day accumulation phase, this phase signals a market bottom where prices hit their lower levels and stabilize. Since altcoins rising from this phase this is could be the best time to accumulate the altcoins showing signs of a breakout. Here are some of the top buys of the season.
Yusko’s Bullish Take on Solana and Cautious Stance on Others
Mark Yusko, CEO of Morgan Creek Capital, is optimistic about Solana’s future. After a major price surge from $13 to $240, he sees strong growth potential for Solana, thanks to its solid development team and recent achievements. November alone saw Solana’s price jump over 40%, and it surpassed Ethereum in monthly fees, generating $183.46 million compared to Ethereum’s $181.42 million. Yusko believes Solana could be a major player in the long term.
However, Yusko is more cautious when it comes to other altcoins like XRP, Cardano, and Hedera. While these projects have promise, particularly as bridges between traditional finance and crypto, Yusko sees them as riskier investments. He is especially cautious about XRP due to ongoing regulatory uncertainty, but he believes things will become clearer once a new SEC chair is in place.
However, Yusko also warns against meme coins like Dogecoin, acknowledging their speculative nature but stressing that they carry significant risk.
Altcoin’s Current Status
Meanwhile, Altcoins, excluding Ethereum, currently make up 30.2% of the total crypto market, a drop from 41% during the 2021 bull cycle. For altcoins to hit similar levels again, a significant influx of fresh capital is needed. Currently, institutional investors and ETFs are more focused on Bitcoin, leaving altcoins to rely on individual traders or new strategies to attract investment.
The overall crypto market cap has surged to $3.23 trillion, with Bitcoin contributing $1.85 trillion and altcoins at $785.67 billion. For altcoins to trigger a sustained rally, they need to break through the 70 mark on the Altcoin Season Index. While the market shows signs of shifting, it’s still too early to say if we’re entering a full-blown altcoin season. Investors will need to monitor key indicators like Bitcoin dominance for further clues.
