As an experienced analyst in the crypto market, I have witnessed numerous price swings and trends over the years. The current situation with altcoins bouncing back after a brutal sell-off while Bitcoin is correcting is not an unfamiliar pattern. In fact, it’s a sign that liquidity may be flowing into altcoins as Bitcoin dominance drops.
As a researcher studying the cryptocurrency market, I’ve observed that following the harsh price drop on Monday, altcoins have rebounded with renewed vigor, instilling hope in investors once more. Among the top ten altcoins, Solana (SOL) has experienced the most significant surge, increasing by 10% and currently trading at $136. This recent price spike has effectively reversed Solana’s losses from last week. Notable altcoins like Cardano (ADA), dogecoin (DOGE), and Toncoin (TON) have also seen gains ranging between 3-5%.
Altcoins Pump As BTC Dominance Drops
As a crypto investor, I’ve noticed that the recent correction in Bitcoin‘s price caused it to dip below $59,000 earlier today. But fear not, Bitcoin bounced back and is now hovering around $61,500. However, the declining Bitcoin dominance indicates that altcoins are experiencing a surge in value. In fact, in the last 24 hours, Bitcoin’s dominance has taken a hit of about 2%, implying that there’s been significant liquidity moving into altcoins.
As a crypto investor, I’ve been closely monitoring the “Total 3 Index” comprised of Bitcoin and Ethereum. Recently, these cryptocurrencies have displayed resilience at their support levels, which could potentially indicate an upcoming trend reversal. This unexpected strength has left many investors pondering if we’re on the brink of an altcoin season.
$BTC dumping but altcoins pumping.
I’ve seen this before .
BTC dominance going down means liquidity flowing into altcoins.
BTC dominance saw a -2% drop in past 24hrs.
Total 3 is also holding local support nicely and looking for a reversal.
Is altcoin season about to start?…
— Dami-Defi (@DamiDefi) June 25, 2024
Is the Alt Bottom Already In?
As a crypto analyst, I’ve observed a common trend where altcoins typically mirror the downturn of Bitcoin but eventually rebound once Bitcoin hits its bottom. This pattern is evident in the Bitcoin pairings before it becomes noticeable in the USDT pairs. Currently, there are several indicators suggesting that we might have already started reversing this trend. For instance, the recent behavior of altcoins against Bitcoin and the latest news about Mt. Gox’s Bitcoin repayment.
You’d like to see #Altcoins bouncing up at the final stages of a correction.
Today, it’s the first time we’ve seen this.
BTC pairs are up extensively, marking a potential bottom on the #Altcoin pain.
I’m very happy with my current positioning and expectations.
— Michaël van de Poppe (@CryptoMichNL) June 24, 2024
Together with Solana (SOL), Chainlink (LINK) has experienced a 8% surge and is now priced at $14.09. If conditions continue favorably, $15 is the next significant barrier to overcome. According to technical analysis, LINK may have already hit its bottom.
#Altcoins start to show strength, as some of them are up 10% on the day against Bitcoin.
That’s my prime focus.
I think $LINK is bottomed here too.
The rotation to the better second half of the year is near.
— Michaël van de Poppe (@CryptoMichNL) June 24, 2024
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2024-06-25 09:08