The cryptocurrency market is experiencing a significant shift. Breakouts are occurring across various coins as traders and investors drive the market upward, anticipating effects from Trump's inauguration. Trump's Influence on Crypto These are unprecedented times. The world stands at a pivotal financial juncture, and the era of fiat currencies might be nearing its conclusion. Taking their place will be digital assets, likely emerging from the innovative realm of cryptocurrency. A crucial factor in this new landscape is the incoming Trump administration. Trump not only supports Bitcoin but also acknowledges the groundbreaking potential of cryptocurrencies, prioritizing them at the national level. Against this backdrop, we turn our attention to altcoins. Significant Breakthrough for Total3 Source: TradingView Total3 represents the cumulative market capitalization of all cryptocurrencies, excluding $BTC and $ETH. This chart provides a glimpse into altcoin performance, and it suggests rapid and intense movement. The breakout from the triangle has pushed past the $1 trillion mark, reaching $1.09 trillion. The recent all-time high was set at $1.16 trillion, and it seems poised for further growth. The 1.618 Fibonacci level is positioned at $1.65 trillion. Bitcoin Dominance Stalls at 58.6% Source: TradingView Bitcoin Dominance appears to have hit a ceiling at 58.6%. Should this be confirmed by week's end, a decline to 54% and subsequently 51% may ensue. This scenario could herald a massive altseason, though much will depend on the potential intensity of a Bitcoin rally. $SOL Among the Key Beneficiaries TradingView Solana ($SOL) stands to gain significantly from this altcoin upswing, amid speculation that the Trump administration might support cryptocurrencies like $SOL and $XRP. $SOL is currently making strides to break free from its downward trend on the weekly chart, having touched the 0.618 Fibonacci level. At the chart's base, the Stochastic RSI might be on the verge of indicating a major upward price movement, potentially confirmed by the week's end. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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