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Bitcoin price is nearly trading at its former all-time high, and at a price point that feels unreachable for many to own a full coin, interest has again turned toward altcoins. BTC dominance has sunk as a result, and at the same time, the dollar is breaking down from support.

The scenario in the past provided the perfect storm set up for the greatest altcoin season ever. Is this incredible burst of wealth generation about to strike for a second time?

During the month of November, Bitcoin set a higher high over its 2019 peak and surged another $5,000 beyond it. The rise up sucked capital out of altcoins, but now that full-blown FOMO has returned to crypto, profit-taking from BTC into alts is causing major altcoins to rip.

In November alone, Ethereum, XRP, and Litecoin are all up by 50% or more. Ripple, which has been the worst-performing over three years of a bear market, skyrocketed over 100%.

Crypto is back to a bull market, and while there will be strong corrections along the way, the direction for the mid-term is likely upward.

Related Reading | Heres Why Crypto Analysts Are Divided Over The Future Of Altcoins

Altcoins have had phases of overperformance compared to Bitcoin in the past, but what makes this time special, is due to the DXY dollar currency index dropping at the same time.

In the chart below, only one other time did BTC dominance and the DXY suffer an extended crash at the same time. The result was the 2017 crypto bubble and the greatest alt season ever. Is history about to repeat?

Beyond the technicals and the charts of the two most dominant forces altcoins contend with via trading pairs clearly showing the same set up as the last altcoin season, there are fundamental reasons for this shift in sentiment as well.

For one, the perception of the price per Bitcoin could be working against it in favor of altcoins. Expensive BTC pushes participants toward cheaper altcoins.

Related Reading | Bizarre Correlation Between Bitcoin Dominance And The Dollar Discovered

The dollar weakening is amplifying the impact of this action and causing a massive breakout in altcoins across the board. The assets have, like Bitcoin, been in a bear market, and after four years, could be returning to a bull trend.

If thats the truth, and the conditions are the same as last time around, another round of incredible wealth will come.

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Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season - NewsBTC

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Another report has exposed how Cubans are sidestepping United States sanctions by using bitcoin (BTC) and altcoin remittance solutions with conventional wire transfers all but impossible between USA-aligned nations and the communist state.

A report from Deutsche Welles Spanish-language service found that some Cubans are now turning to altcoins, too, with some remittance deals being carried out in ethereum (ETH) and dogecoin (DOGE). The outlet found that an estimated 10,000 people in Cuba now make use of cryptoassets.

The BitRemesas platform, which has grown out of nothing this year, has some 300-400 users, per its founder, who claims the platforms operators are working on ways to allow Cubans or perhaps more accurately their overseas-based family members to pay electricity and other utilities bills using crypto.

BitRemesas claims that it has a high volume of transfers, but often in small amounts of USD 10-20, with remittances in the USD 100 range more of a rarity.

Cryptonews.com has previously reported on the rise BitRemesas. The platform sees overseas Cubans convert their fiat earnings to bitcoin and essentially put their remittance requests up for negative auction allowing middlemen bitcoin enthusiasts base in Cuba to bid for the right to receive the BTC, convert it to fiat (or stump up the equivalent in fiat) and deliver the cash remittance by hand to family member recipients.

The catch, of course, is that the middlemen can bid to receive a chunk of the remittance as a commission fee, with charges of up to 25% common, and the BitRemesas platform also taking a cut.

Also, as reported last month, money transfer platforms such as Western Union have closed down their offices in the country following a spate of tit-for-tat sanctions imposed by leaders in Havana and Washington. This has hit some of Cubas poorest citizens in the pocket with many families in the country reliant for their livelihoods on remittances sent from relatives living and working overseas.

According to The Havana Consulting Group and Tech data, in the last 10 years, the Cuban population has received USD 29.95bn in cash remittances. 90% of this money came from the US. In 2018, the amount of cash remittances to Cuba was estimated at USD 3.69bn, a growth of 3.6% compared to 2017, the consulting firm said.___Learn more: Venezuela Expands Scope of its Remittance Platform With Bitcoin & LitecoinHow Gift Cards Fuelled P2P Bitcoin TradingMexico Receives 11% of All LATAM Retail Crypto Payments - ReportVillage in El Salvador Turns its Back on Fiat in Favor of Bitcoin

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Cubans Turn to Bitcoin, Ethereum and Dogecoin as US Sanctions Bite - Cryptonews

Analysts are hopeful that Bitcoins and the overall cryptocurrency market fundamentals are more powerful than ever before. The latest market correction provides fresh opportunities for investors to take long-term positions.

Before the latest market correction, Bitcoins sudden surge close to its all-time high has captivated retail investors and institutions alike. One of the major driving forces behind BTCs rapid price surge has been massive institutional money inflow. In fact, in the month of November, theres been massive institutional accumulation for Bitcoin. However, its worth mentioning that the altcoin season has all chances to come quite soon too.

The Grayscale Bitcoin Trust (GBTC), a Bitcoin investment vehicle from digital asset manager Grayscale, hit major milestones in the last few weeks. The Grayscale Bitcoin Trust holds more than half-a-million BTC as of date, with total valuations over $10.1 billion. Nick Cote of gamified trading platform Hxro Labs told Cointelegraph:

The primary reason for the steady grind up in Bitcon has been the increased interest and aggressive buying activity from institutions. A lot of investors are going through Grayscale.

Cote also points at some of the top public-listed financial giants like MicroStrategy and Square who have millions-of-dollars in BTC. These companies have entered BTC as a potential inflation hedge against poor monetary policies by the central banks. Cote called this behavior the positive feedback loop for the crypto markets. He added:

There will be pullbacks of course, but as long as institutions believe in the narrative of Bitcoin being used as a store of value or hedge against inflation, it becomes a positive feedback loop.

NEM head of trading Nicholas Pelecanos said that Bitcoins fundamentals have turned stronger than ever before. He cites different reasons like public listed companies moving extra cash to BTC. Besides, some of the fundamental factors are also post-halving supply dynamics. Pelecanos next big bet is the altcoins market. He stated:

BTC is back at its all-time high levels, but what is worth noting is the valuation of the altcoins which are on average still 50% below their all-time highs.

However, he asks to be selective while picking altcoins. He notes that several altcoins have failed in attracting adoption. Some altcoins represent projects that are no longer functioning, yet other projects have seen tremendous development on both adoption and tech, explained the expert.

Well, Wednesdays crypto market correction has wiped out over $50 billion from the overall cryptocurrency market cap. The marketwide correction provides new opportunities to make a fresh entry.

On the other hand, crypto analyst Michal van de Poppe asks investors to maintain caution. At this point, dont feel FOMO on things like ETH or XRP. There will definitely be more bullish momentum in the coming months, but be protective of capital, he added.

More news from the crypto industry can be found here.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Institutional Participation Pushed BTC Price Close to $20K, Altcoin Season Expected... - Coinspeaker