Altcoins
After Bitcoin Crash, Will Altcoins Gain 500%?
Following the latest Bitcoin news revolving around the recent Bitcoin Crashand the struggle to hold the 60,000 support level, highlighting the recent market downturn, analysts are predicting a major shift of capital towards altcoins and a Potential price reversal for EthereumAs recent corrections come to an end and BTC dominance wanes, investors should prepare for bullish moves in the coming weeks.
Market is moving towards altcoins
Renowned cryptocurrency analysts predict the end of the current bearish trend in the altcoin market. The last weeks of the altcoin bearish trend are coming to an end, and a significant rotation of capital into altcoins could begin as early as this week. The analysts’ confidence is based on historical trends, where similar conditions led to altcoins rising by 300-500%.
Currently, the altcoin market is underperforming, with BTC Valuation Several altcoins have hit new lows. Despite this, analysts remain bullish, predicting a potential 100% rally in altcoins that matches Bitcoin’s trajectory. The altcoin market cap is still 50% below its 2021 all-time high, and recent corrections have pushed it down another 30%.
Last week marked the second-worst weekly decline in the cryptocurrency market for 2024, driven by Bitcoin Crash Recently, due to the decline in demand for Bitcoin ETFs and uncertain monetary policies, Bloomberg data shows that the top 100 digital assets have suffered a 5% correction, highlighting the market cracks due to doubts over the Fed’s decision to cut rates.
As Bitcoin Crashes and Dominance Falls, Altcoins Soar
After facing a brutal sell-off yesterday, altcoins have rebounded, renewing investor optimism. Solana (SOL) led the rally with a gain of nearly 10%, trading at $136 and reversing last week’s losses. Other popular altcoins like Cardano (ADA), Dogecoin (DOGE)And Toncoin (TON) also recorded average gains of 5%.
The Bitcoin price correction pushed BTC below $59,000 before rallying to $61,500. However, altcoins saw strong gains, with Bitcoin dominance decreasing by 2% over the past 24 hours. This suggests a strong flow of liquidity into altcoins, with the “Total 3” index holding firmly at support levels, indicating a potential trend reversal.
Leading analysts have pointed out that altcoins often follow BTC downtrend but rebounds once Bitcoin bottoms. They noted that Bitcoin pairs are showing signs of bottoming out before USDT pairs, suggesting that the altcoin bottom may be reached. This development coincides with the announcement of Mt. Gox Refund in Bitcoinfurther influencing market movements.
With Solana, Chain link (LINK) also saw a 7% increase, trading at $14. While $15 remains an important resistance level, technical indicators suggest the bottom for LINK could be established.
