PANews reported on January 6 that 10x Research said in its latest report that the cryptocurrency trading environment remains complex and changeable during the December 2024 Federal Open Market Committee (FOMC) meeting and the holiday season thereafter. However, there are still profit opportunities in specific areas. Bitcoin has been in a consolidation phase during this period and does not seem to be on a sustained upward trend, but fluctuates within a tactical trading range, which provides opportunities for strategic positioning rather than a simple bullish trend. Although some initial enthusiasm is expected at the beginning of the new year, now is not the time to recreate the bullish sentiment from late January to March or late September to mid-December 2024. A positive performance is expected at the beginning of the year, followed by a slight correction before the release of the Consumer Price Index (CPI) data on January 15. If inflation data performs well, it may rekindle optimism and drive the market up before Trump's inauguration on January 20. However, this momentum may weaken and the market may fall slightly before the FOMC meeting on January 29.
From January to mid-November 2024, Bitcoin’s dominance surged from 50% to 60%, creating significant headwinds for altcoins. While the dominance metric briefly plunged to 53% over a three-week period, igniting hopes of an altcoin season, it quickly rebounded to nearly 58% before consolidating around 55%. This consolidation highlights Bitcoin’s enduring dominance as a major driver of the cryptocurrency market, while also signaling potential challenges for altcoins—unless Bitcoin’s dominance metric drops again.
