Altcoins
Are Altcoins Doomed as Bitcoin Targets $100,000? New insights and market data
That of Bitcoin The relentless surge towards the staggering $100,000 is sending shockwaves through the cryptocurrency world. Are altcoins about to be wiped out?
CrediBULL Crypto, a leading cryptocurrency trading analytics community, warns of a potential altcoin nightmare as Bitcoin explodes.
Read on to find out what experts predict for the future of altcoins.
Looking at the short term
Initially, altcoin prices may show slight recoveries, as suggested by CrediBULL Crypto. However, these increases are expected to be short-lived, especially for major players such as Solana, Chainlink, and major meme coins. These coins have been grappling with persistent selling pressure and market volatility.
CrediBULL Crypto predicts that Bitcoin’s expected breakout from its current price range will attract significant investment, drawing attention and capital away from altcoins. While some altcoins could eventually follow Bitcoin’s upward trajectory and potentially outperform it, this recovery is likely to unfold gradually. Meanwhile, some altcoins may experience further declines before stabilizing.
Insights from market experts
Michael van de Poppe, a well-known cryptocurrency trading expert, recently highlighted key developments on Platform X. He noted a strong recovery in Bitcoin prices from recent lows, accompanied by modest gains in altcoins.
A slight decline in Bitcoin’s dominance also suggests a shift in market dynamics, signaling a fading phase for cryptocurrency investors.
As of June 1, 2024, Bitcoin holds a dominance of approximately 54.11%, with a recent peak of 55.85% on June 17, 2024, underscoring its strengthening position. In contrast, altcoin dominance outside the top 10 fell slightly to 10.34%, down from previous highs this year.
Bitcoin is currently trading at $60,769.45, marking a decline of 12.4% over the past month, 7.5% over the past week, and 3.1% over the past 24 hours. Meanwhile, Solana is trading at $133.88, a 30-day decline of 19.0%, a weekly decline of 2.1%, but a daily increase of 6.55%.
Chainlink is priced at $13.84, showing a 24.4% decline over the past month, a 1.0% increase over the past week, and a 6.1% increase over the past 24 hours. The price of WIF is $1.83, with decreases of 40.1% in the last month, 11.8% in the last week and an increase of 15.8% in the last 24 hours.
In conclusion, while Bitcoin’s upward trajectory is promising, the near-term outlook for altcoins remains uncertain. Cryptocurrency enthusiasts and investors should prepare for the potential price fluctuations of altcoins, while remaining optimistic about their long-term prospects.
Read also: SHIB and PEPE Collapse Amid Crypto Market Drop: Is Meme Coin Frenzy Ending?
Bitcoin vs Altcoins: Who Will Win in the Long Run? Let’s wait and watch.