Altcoins take center stage with Pepe leading the pack; BTC dominance declines

THE Bitcoin price was disappointing to many, but the main action over the weekend was in altcoins. Recently, the altcoin market collapsed to a new low. This potential scenario was widely discussed last week, and despite little movement over the weekend, a major shift has occurred over the past 12 hours. Looking at the top 10 coins in the last 24 hours, Bitcoin it dropped by more than 6% and Ethereum is also trading in the red zone.

Price Movement Analysis: Bitcoin and Ethereum

Price action and position in the altcoin market were analyzed last week, noting that the initial bounce may suggest a reversal, but is typically not the true bounce. But is now the time for the real rebound? Solana gained 9% and Toncoin, Dogecoin and Cardano also gained 4% each. Chainlink gained 7% and Pepe rose more than 10%.

There has been speculation that the market may be very near or at the bottom and there has also been talk that a final drop would spook the market. Analyst Dami Defi wrote on X: “BTC dumping but altcoins rising. I’ve seen this before. BTC’s dominance is waning it means liquidity flowing into 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 altcoin season about to begin?”

Expert insights and market speculation

Michael Van De Poppe said: “Relatively strong bounce on #Bitcoin from lows. Altcoins have risen even more from that level. Bitcoin’s dominance starts to decline slightly, and so Mt. Gox starts to get priced out as well.”

However, now that the market has held at recent lows, it is crucial to monitor stability throughout the day, looking for a potential bottom formation and upward move.

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