After bitcoin reached a high of 99,600 USD on November 26, it dropped more than 8% on the 27th, falling to around 90,800 USD at one point. Currently, bitcoin has been fluctuating below 0.1 million USD for about ten days, and although it has rebounded to around 95,000 USD, the fluctuations are relatively severe.

At the beginning of each month, the crypto market almost always sees a correction. Bitcoin is currently testing the support level near 95K; if it holds, it may continue to challenge the six-digit threshold. However, if it fails to hold, it may need to test the 0.09 million mark to see if it can sustain.

Will December repeat the old pattern? A correction followed by a surge, or will it completely wash out the market? How will altcoins perform?

Although bitcoin has been blocked at the 0.1 million USD mark, funds have evidently flowed into the altcoin market. Data shows that bitcoin's market share has dropped to 55.25%, while ethereum has risen to 12.74%. The eth/btc exchange rates have stabilized above 0.037, and smaller altcoins with lower market caps are beginning to perform.

Moreover, with ethereum's strong rebound, some altcoins have already shown certain gains, so small corrections are normal. A real bull market is brewing; a suitable correction is actually an opportunity for small investors like us and will not affect the overall trend of the upcoming bull market.

Overall, bitcoin's current market cap ratio may still have some room for a slight decline. Of course, this also means that altcoins may have opportunities for a rebound. As bitcoin's market cap declines, altcoins' market cap will correspondingly rise.

Secondly, various important data and events for December have been gradually released, such as ADP, non-farm payroll, CPI, and interest rate decisions. Moreover, whether microsoft will treat bitcoin as a company reserve asset, mentioned earlier, is also crucial at the beginning of this month. If this happens, it will undoubtedly increase the buying power in the market, but it will also amplify market volatility. In any case, this bull market is advancing step by step by layers and stages, from bitcoin to ethereum, then to mainstream altcoins, and even to some classic sub-mainstream currencies, similar to how xrp was gradually rotated as mentioned around 1.3.

It can be said that the altcoin bull market has officially started! Although bitcoin is still in a state of fluctuation and adjustment, altcoins are no longer following bitcoin's volatility; the altcoin season is underway. This month, many coins will surge, with a focus on those altcoins.

Which altcoins can continue to explode and double in value?

During the adjustment of BTC and the meme sector, funds have rotated into ethereum ecosystem tokens and lesser-known altcoins. However, some established altcoins, such as xrp, ada, xlm, and eos, have seen larger gains, with XRP even returning to the top three in market cap, reaching a total market cap of 250 billion USD.

These tokens have a characteristic of having undergone a long period of bottom consolidation, with no hotspots or concepts, and retail investors have very little left. The major players are highly controlling the market, so even with a large market cap, the resistance to rallying is relatively small.

But will this prematurely end the altcoin season? BTC has risen, memes have risen, ethereum altcoins are also catching up, and now established lesser-known coins are starting to surge as well. Is the rotation reaching its final phase?

Compared to before, this cycle has seen more VC-backed altcoins and meme coins which, to some extent, have disrupted the original rotation order. However, market trends and cycles generally do not change. The rally of lesser-known old coins does indeed indicate market risk to some degree, as things can escalate quickly and possibly vanish just as fast. Especially since this round of altcoin season lacks an ecological narrative, the number of coin types and overall market cap is much higher than in the last cycle, relying solely on capital to rally seems a bit hollow.

But when will the market end? It's hard to say, as it requires obvious bearish news or a general short squeeze in contracts. Some old coins have seen significant short-term gains, and it may be wise to consider reducing positions to secure profits.