Altcoins
XRP, Shiba Inu, Cardano, Solana mega bounce imminent as Altcoin bottom remains strong ⋆ ZyCrypto
Bitcoin it fell below $60,000 on June 24 for a few hours before promptly recovering above the key support level. However, many major altcoins outperformed BTC last week, rising nearly 10% against the latter at one point. Smaller tokens suffered large losses prior to this short-term bearish price action, but resisted falling further into the abyss.
Is this the Altcoin Bottom?
XRP, Shiba Inu, Cardano and Solana have had a bearish outlook over the past couple of months. Including Ethereum, altcoins have lost around 22% of their value since reaching their peak market capitalization of $1.24 trillion in mid-March. Since then the price has followed a downward trend, with a short period of recovery.
Here is the market cap performance of altcoins over the last six months:
However, it is interesting to note that the altcoin market has remained largely stable over the past two weeks. For reference, here is Bitcoin’s price action during this period:
So, at one point, altcoins were falling worse than Bitcoin, but they stopped about 2 weeks ago and have remained largely stable since then, aside from a brief price recovery in the last 24 hours. Bitcoin, on the other hand, continued to post losses during this period. This has led to speculation about a possible long-term altcoin fund.
Second According to Michael van de Poppe, a popular Dutch crypto influencer, many altcoins have seen double-digit gains against Bitcoin (BTC). This is seen as an indicator of a potential market bottom.
Similar sentiments are shared by other prominent cryptocurrency analysts, especially those heavily invested in meme coins and AI-based projects. The stability of prices suggests that they may be correct, but this situation is likely to hold only if Bitcoin manages to stay above the key $60,000 mark support level. If the major cryptocurrency fell below this critical support level, altcoins would likely follow suit soon after, leading to another bearish trend.
In conclusion….
Overall, the price losses reported by Bitcoin and the altcoin market are within normal limits. BTC fell 16%, while the altcoin market saw a loss of 22%. So, despite the panic propagated by cryptocurrency opponents, the digital currency’s losses are not indicative of a major market meltdown and are likely to recover in the third and fourth quarters.