Today’s global cryptocurrency market fell slightly, with total capital decreasing by 0.47% to $3.7 trillion. Bitcoin fell 0.17% in the past 24 hours to trade at $110,204, while Ethereum fell 0.62% to remain near $3,859.
XRP was trading 0.25% lower at $2.50, while BNB was down 1.30% at $1,079. Solana, one of the best performing altcoins this year, fell 0.95% to $184.35.
No altcoin season yet
Addressing the growing frustration among traders that a full-fledged altcoin season will not arrive in 2025, Bitwise CIO Matt Hogan explained that the market structure has changed and traditional finance (TradFi) now plays a key role in driving large-cap crypto movement.
“There is no real altcoin season. It’s an unfortunate cycle in some ways,” Hogan said, adding that most crypto-native investors expected the usual four-year pattern to cause an altcoin rally by now. “TradFi is running the bus here. They are the marginal buyers of large crypto assets,” he added.
BTC likely to fall before new high
Hogan said that while Bitcoin could temporarily fall below $100,000, the long-term outlook remains positive. He cited a recent note from Standard Chartered that hinted that a sub-six-digit decline was “inevitable”, but stressed that such a move was likely to be temporary.
“I think we’ll be at a new all-time high by the end of the year,” Hogan said. He expects institutional investors to rebalance their portfolios by the end of the year, indicating allocations to assets such as Bitcoin and gold.
Legal and regulatory uncertainty looms
Meanwhile, continued uncertainty surrounding the Clarity Act and the possibility of a US government shutdown are increasing pressure on the market. Forecasting platform Polymarket indicates there is a more than 50% chance that the shutdown will be extended beyond November 12th, which could delay crypto-related decisions.
Hogan said the market is already pricing in the possibility that the Clarity Act won’t pass this year. “If that happens, it will be a huge positive catalyst for Ethereum and Solana in particular,” he said. “If it fails, there may be downsides in the short term, but in the long term the theory of cryptocurrencies remains intact.”
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