Bitcoin Dominance Rises, Altcoin Season Ends

Bitcoin erased its recent gains from the rally to all-time high at $108,353 and is trading above $100,000. BTC dominance is an uptrend and this has likely contributed to the altcoin season’s abrupt end.

Bitcoin price erased recent gains from the rally to an all-time high at $108,353 and is trading above $100,000. BTC dominance is in an uptrend and this has likely contributed to the altcoin season’s abrupt end.

Bitcoin’s dominance is a sign of relevance and demand for BTC among traders. BTC dominance is at 58.53%, the highest level since November 28.

Blockchaincenter’s altcoin index evaluates whether 75% of the top 50 altcoins have outperformed Bitcoin in the last 90 days to determine whether it is “altcoin season.” The index reads 53, meaning the altcoin season has ended.

Bitcoin outperforms major indices

Bitcoin price rallied 136% on a year-to-date basis, comfortably outperforming the S&P 500 Index (SPX) and the Nasdaq Composite Index (NASX).

The S&P 500 plunged nearly 3% yesterday, marking its second-worst day of 2024, after officials of the Federal Reserve signaled the likelihood of just two rate cuts next year. The Dow fell for the 10th straight trading day, its longest losing streak since 1974.

Bitcoin’s year-to-date gains remain above 136%, identifying the asset as one of the top-performing ones in 2024.

Whales are buying these five altcoins

Activities of whales, crypto’s large wallet investors typically help identify tokens that could gain in the long-term. Historically, whale accumulation is followed by a rally in the token in the following weeks/ months, helping provide direction to retail traders on the sidelines.

On-chain intelligence from Lookonchain shows that whales are accumulating Chainlink (LINK), Ethena (ENA), Hyperliquid (HYPE), Ethereum (ETH), and Ondo (ONDO).

Lookonchain identified a whale wallet that withdrew a total of 594,998 LINK worth $17.31 million from the largest centralized crypto exchange, Binance.

The whale withdrew another 65,000 $LINK($1.81M) from #Binance 40 minutes ago.

In the past 4 days, this whale has withdrawn a total of 594,998 $LINK($17.31M) from #Binance.https://t.co/09rrsXqyml pic.twitter.com/H4N9LkW8z9

Donald Trump backed World Liberty Financial, and whale wallets are accumulating ENA from Binance.

A fresh wallet withdrew 3.29M $ENA($3.78M) from #Binance 30 minutes ago.https://t.co/ARG3TH35TT pic.twitter.com/5kVOoEXg7H

Trump's World Liberty(@worldlibertyfi) spent 500K $USDC to buy 509,955 $ENA 5 hours ago.

Since Nov 30, #WorldLiberty has spent:

30M $USDC to buy 8,105 $ETH at $3,701;

10M $USDC to buy 103 $cbBTC at $97,181;

2M $USDC to buy 78,387 $LINK at $25.5;

1.91M $USDC to buy 5,885.5 $AAVE… pic.twitter.com/QCM6j2a0e0

Between December 7 and 18, a large wallet address deposited upwards of 17 million USDC and bought HYPE (worth $29.44 million, including unrealized profits).

Lookonchain identified several whale addresses depositing funds into Hyperliquid to buy HYPE and PURR tokens.

Many whales are depositing funds into #Hyperliquid to buy $HYPE and $PURR!

0x0013…5D22 deposited 9.66M $USDC into #Hyperliquid, then bought 166,913 $HYPE($4.8M) and 6.48M $PURR($4.14M).

0xCA97…651E deposited 4.26M $USDC into #Hyperliquid, then bought 125,252 $HYPE($3.57M)… pic.twitter.com/u4pSbOitNA

A whale deposited another 9.89M $USDC to #Hyperliquid to buy $HYPE.

Since Dec 7, this whale has spent 17.0