Bitcoin (BTC) struggled to maintain its position above $43,000 on December 8th as the altcoin market gained momentum, particularly Ethereum (ETH) and Solana (SOL).
ETH and SOL Outshine BTC
Data from Cointelegraph Markets Pro and TradingView revealed that BTC prices were consolidating, while ETH/USD saw an increase of up to 7.6% in just 24 hours.
Bitcoin, which reached a new 19-month high of $44,490 earlier in the week, faced some challenges as both ETH and SOL stole the spotlight.
Analyst Matthew Hyland pointed out that Bitcoin’s dominance in the overall crypto market cap might be experiencing a "false breakout," with the dominance hitting 55.26% on December 6th, the highest level since April 2021.
Altcoins Taking Advantage
With Bitcoin's dominance slightly declining to around 53.9%, some major altcoins, such as ETH and SOL, took advantage of the situation. ETH/USD reached $2,392 before experiencing a minor correction, while SOL/USD hit $72.88 on Bitstamp, its highest level since May 2022.
Research firm Santiment suggested that the fear, uncertainty, and doubt (FUD) surrounding the altcoin breakout could ultimately benefit Bitcoin. The firm noted that traders were concerned about a potential bull trap in the crypto market.
Optimism for Bitcoin
Despite the current market conditions, some Bitcoin enthusiasts remained optimistic. Popular trader Credible Crypto stated that accumulation was still ongoing before the "next leg up" for the largest cryptocurrency.
However, other analysts believe that a larger correction is imminent, which could bring the market back to $30,000 or even closer to $20,000 before new all-time highs are reached.
Disclaimer: This article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making financial decisions.
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