Altcoins
XRP, Shiba Inu, Cardano and Solana Mega Bounceback Looming as Altcoin Bottom Remains Strong ⋆ ZyCrypto
Bitcoin Bitcoin fell below $60,000 on June 24 for a few hours before quickly recovering above the key support level. However, many top altcoins have outperformed BTC over the past week, rising nearly 10% against it at one point. Smaller tokens suffered big losses ahead of this short-term bearish price action, but they have resisted a deeper fall into the abyss.
Is this the Altcoin bottom?
XRP, Shiba Inu, Cardano, and Solana have seen bearish outlooks over the past couple of months. Including Ethereum, altcoins have lost about 22% of their value since reaching a record market capitalization of $1.24 trillion in mid-March. The price has been on a downward trend since then, with a brief period of resurgence.
Here is the performance of altcoin market capitalization 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 that time:
So at one point altcoins fell more than Bitcoin, but they stopped about 2 weeks ago and have remained largely stable since, except for a brief price recovery in the last 24 hours . Bitcoin, on the other hand, continued to record losses during this period. This has given rise to speculation regarding a possible long-term altcoin bottom.
According to According to Michael van de Poppe, a popular Dutch crypto influencer, many altcoins have seen double-digit gains compared to Bitcoin (BTC). This is considered an indicator of a potential market bottom.
Other prominent cryptocurrency analysts, including those investing heavily in meme coins and AI-driven projects, share similar sentiments. Price stability suggests they might be right, but this situation is only likely to continue if Bitcoin manages to stay above the key $60,000 mark support level. If the leading cryptocurrency breaks below this critical support level, altcoins will likely follow suit shortly after, leading to another bearish trend.
Final….
Overall, the price losses reported by Bitcoin and the altcoin market are within normal limits. BTC fell 16%, while the altcoin market saw a 22% loss. So, despite the panic spread by cryptocurrency detractors, digital currency losses are not a sign of a major market collapse, and they are expected to rebound during the third and fourth quarters.