Glassnode founders predict altcoins may outperform Bitcoin soon

Glassnode founders, Jan Happel and Yann Allemann, predict that altcoins may outperform Bitcoin (CRYPTO:BTC) in the near future.

In a recent statement, they suggested that altcoins could surpass Bitcoin within the next two weeks.

The prediction follows a noticeable decline in Bitcoin’s market dominance, as indicated by the BTC.D chart.

Bitcoin's dominance has been decreasing, signaling that altcoins could experience a faster growth rate than Bitcoin.

Allemann raised the possibility of a Christmas rally for altcoins, questioning whether the downward trend in Bitcoin dominance could spark this surge.

For altcoins to make significant gains, Bitcoin needs to consolidate above the $100,000 mark.

A period of sideways movement could provide the ideal conditions for altcoins to gain momentum.

Happel and Allemann also highlighted the sell pressure exerted by long-term Bitcoin holders, which has impacted Bitcoin’s ability to maintain upward momentum.

Sell pressure from Bitcoin holders who have held their assets for over 155 days has kept Bitcoin from initiating a significant rise above $100,000.

According to Negentropic, the reduction in Bitcoin holdings by long-term investors could signal a possible shift in Bitcoin's value by early 2025.

Happel noted that long-term holders have reduced their Bitcoin holdings to the lowest levels seen this year, suggesting substantial exits in 2024.

With the end of year profit-taking and liquidations contributing to this trend, the new year could signal a change in market dynamics.

At the time of reporting, the Bitcoin price was $104,568.