Altcoins
Altcoins bounce back as BTC dominance declines, has the bottom arrived?
After enduring Monday’s brutal sell-off, altcoins have once again rallied, sparking fresh optimism among investors. Among the top ten altcoins, Solana (SOL) has gained 10% and is currently trading at $136. With this price pump, Solana made up for all of last week’s losses. Other popular altcoins such as Cardano (ADA), dogecoin (DOGE), Toncoin (TON), are up between 3-5%.
Altcoins rise as BTC dominance declines
THE Bitcoin price correction pushed the BTC price below $59,000 today before recovering again to $61,500. However, as Bitcoin’s dominance has declined, altcoins have seen strong gains. Over the past 24 hours, Bitcoin’s dominance has decreased by 2%, suggesting a strong flow of liquidity into altcoins.
Read also: Major capital shift towards Altcoins coming in two weeks
The “Total 3 Index”, which includes Bitcoin and Ethereum, remains strong at support levels showing signs of a potential trend reversal. This development has forced investors to wonder whether the alt season is about to begin.
dumping but pumping altcoins.
I’ve seen it before 👀.
The fall of BTC dominance implies a flow of liquidity to altcoins.
BTC dominance has seen a decline of -2% in the last 24 hours.
Total 3 also maintains local support well and looks for a reversal.
Is the altcoin season about to begin?… pic.twitter.com/aRCV3YWV5I
— Dami-Defi (@DamiDefi) June 25, 2024
Is the Alt Bottom already entered?
Renowned crypto analyst Michael van de Poppe highlighted a familiar pattern where altcoins usually follow BTC’s downtrend but tend to recover once Bitcoin hits the bottom. He noted that Bitcoin pairs often show signs of bottoming before USDT pairs. “We can see multiple signals that we could already reverse, Poppe said, citing the altcoin’s current movement against Bitcoin. The latest development in the wake of current news from Mt.Gox Bitcoin Refund
.
You would like to see #Altcoins bounce in the final stages of a correction.
Today is the first time we see it.
BTC pairs are rallying sharply, marking a potential bottom in the market #Altcoins Ache.
I am very satisfied with my current positioning and my expectations.
— Michaël van de Poppe (@CryptoMichNL) June 24, 2024
Along with Solana (SOL), Chainlink (LINK) posted similar gains, rising 8% and currently trading at $14.09. On the bright side, $15 remains a major hurdle to overcome, however, technical indicators suggest that the bottom for LINK may already be reached.
#Altcoins are starting to show strength, as some of them are up 10% versus Bitcoin.
This is my main goal.
I think $LINK here too he hit rock bottom.
The rotation towards the second half of the best year is close. pic.twitter.com/mhmxNOwaT9
— Michaël van de Poppe (@CryptoMichNL) June 24, 2024