As a researcher with a background in cryptocurrencies and blockchain technology, I have been closely monitoring the market trends for quite some time now. July 1 has indeed proven to be an interesting day for altcoins, with their global market cap witnessing a significant surge. However, not all altcoins followed this trend perfectly. Today, a few altcoins that had been in a downtrend managed to surge due to the shift in investor sentiments.
The first of July has brought about considerable growth for altcoins, as their total market capitalization has seen a significant increase. However, this trend did not continue flawlessly today. Nonetheless, certain altcoins that had been on a downward trajectory were able to rebound due to the changing investor sentiment. As per the fear and greed index, the current market mood is neutral at 49, which is an improvement from the previous reading of 44. Reports of altcoin rallies have circulated in the market, but it’s essential to examine today’s rising cryptocurrencies first, following their previous declines.
Toncoin (TON)
Currently, Toncoin is only a 3% difference from reaching its peak price of $8.25, which it achieved in mid-June. Following its surge, however, Toncoin, like other altcoins, experienced a downturn. Yet, the tide has shifted within the last day, as Toncoin’s price has surged by 4%, bringing it to the current value of $8.00. This places Toncoin ahead of Dogecoin in terms of market capitalization and makes it one of the top cryptocurrencies to watch.
Polkadot (DOT)
The price of Polkadot has faced challenges since its surge in March, reaching a peak of $11.54. Following this, there was a noticeable downtrend, causing the value to drop as low as $5.6 by late June. However, over the past week, there has been a significant recovery with the price currently sitting at $6.39 following a 9% increase. Despite still being 10% below its monthly averages, this upward trend is noteworthy.
Solana (SOL)
As a Solana analyst, I’ve observed that the cryptocurrency has had an average performance this year without any significant breakthroughs, except for the March rally. After its decline, SOL faced challenges as its price dipped to $123.96. However, recent developments have started to shift the tide in Solana’s favor.
Bonk (BONK)
Several well-known Solana meme coins like BONK and others have displayed encouraging signs of recovery following a minor setback in recent days. These coins garnered significant attention at the beginning of the year but waned when the market experienced a slight downturn. In the previous 24 hours, BONK’s price has risen by 5%, with a weekly increase of 10%, resulting in a value of $0.00002526. Despite this progress, the coin remains far from its all-time high (ATH), which is currently 46% distant.
Several alternate coins are making attempts at recovery, resulting in fresh profits following periods of time. The beginning of this month has shown improvement after experiencing a significant decline towards the end of June. We’ll need to keep an eye on whether the market will shift bullish for the remainder of the month or if it will maintain its current trend.
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2024-07-02 18:56