Bitcoin’s latest milestone, crossing the $88,000 mark on November 11 and almost touching $90,000 on November 12, set a new record, eclipsing its previous March 2024 peak of $73,000.

This surge follows President-elect Donald Trump’s victory in the U.S. election, which some analysts suggest could be fueling new interest in cryptocurrency markets. With Bitcoin’s explosive growth, many are now questioning if the spotlight will shift toward altcoins like Solana (SOL), which is also up c. 30% over the past week, and Ethereum (ETH), in what’s known as “altcoin season.”

While Bitcoin’s climb has dominated the crypto market in 2024, largely supported by recent SEC approvals for Bitcoin-related ETFs, altcoin season represents a period of rapid gains for a variety of alternative cryptocurrencies. Trump’s upcoming administration, with promises to replace SEC chair Gary Gensler and introduce crypto-friendly regulations, may create favorable conditions for growth across the entire digital asset landscape.

Anticipation Builds for Altcoin Season

Market watchers gauge the onset of an altcoin season through indicators like increased altcoin dominance, trading volume spikes, and rising coin prices. BlockchainCenter.Net’s Altcoin Season Index suggests that over 75% of altcoins would need to outperform Bitcoin over a three-month span to officially trigger altcoin season. The last genuine altcoin season, according to this index, was seen in January 2022, with the index currently sitting at 33 as of November 12.

Other macroeconomic factors, such as potential Federal Reserve interest rate cuts, could also provide additional momentum for altcoins. In the background, notable public figures like Elon Musk have advocated for structural changes to the Federal Reserve itself, adding another layer of intrigue to crypto markets.

Trump’s public support for cryptocurrencies has only fueled speculation. Recently, he hinted that Bitcoin could play a role in addressing America’s $35 trillion national debt, suggesting in a Fox News interview that the U.S. might consider a creative approach to tackling debt with digital assets although it is not known how Bitcoin with a total market cap of $1.7 trillion could possibly do that.

With such high-profile endorsements and a regulatory landscape that could soon become more crypto-friendly, Bitcoin’s recent surge may just be the precursor to a broader altcoin rally. At the time of writing this, it is important to note that Bitcoin’s price has retreated to c. $87,500. Let’s see what the rest of the week has in store…

Disclaimer: Not financial advise. Crypto investing is very high-risk and you could lose the entirety of your principle investment.