In spite of the significant downturn in the altcoin market, Solana (SOL) and Sui (SUI) could potentially bring a burst of optimism, serving as the catalyst for a powerful rebound and surge moving forward. The current market climate bears a striking resemblance to the bull markets of 2017 and 2021, where the Total Market Cap chart exhibited rapid expansion.
Is the Altcoins Market Preparing for an Explosive Rally?
The combined market value of the top three cryptocurrencies, excluding Bitcoin and Ethereum, is indicating a significant surge in positive momentum, according to crypto analyst Daan Crypto Trades. He suggests that comparing this total 3 market cap with the price of Bitcoin can provide useful information about the market dynamics between Bitcoin and other altcoins.
In 2021 and 2017, altcoins started experiencing a significant surge compared to Bitcoin. This happened about a month after Bitcoin surpassed its previous all-time high of $20,000 in 2017 and entered a period of consolidation. As CoinGape mentioned earlier, Bitcoin’s price is currently in a holding pattern around $94,500, coinciding with a two-month low in Bitcoin network activity.
Moreover, an astounding 78% of trading volume on crypto exchange Binance is currently attributed to altcoins, indicating a possible robust bull market in the year 2025. The latest listings of AIXBT, CGPT, and COOKIE AI Coins on Binance have triggered surges of over 50%, as observed in recent trading activity.
Highlighting this development, CryptoQuant analyst Burakkesmeci stated:
The steady rise in the trading volume of altcoins on Binance lends credence to the belief that an altcoin bull market might materialize by 2025. As retail interest increases, the altcoin market may sustain its upward trajectory over the next few months.
How Solana (SOL) and Sui Can Contribute?
According to data from Artemis, there’s been a significant increase in investment into Solana (SOL) and Sui (SUI) within the past day. On the other hand, Ethereum (ETH) has seen a substantial decrease in investments during this period. This pattern suggests a change in investor attitudes and the flow of capital within the market for alternative cryptocurrencies.
In the current crypto market dip, Solana’s value is currently decreasing by about 4%, hovering near $180. It could potentially fluctuate by as much as 40%. Meanwhile, SUI has seen a 9% drop in price today, now trading at approximately $4.40.
During the crypto market fall, Solana’s value is currently dipping by around 4%, sitting near $180. It might experience a significant swing of up to 40%. In contrast, SUI has taken a 9% hit today and is now being traded at roughly $4.40.
Nevertheless, crypto market experts remain optimistic about the prospects of these two digital currencies. Notably, renowned analyst Crypto Patel has presented a graph predicting that the Solana (SOL) price could climb up to $500, while the Suisei (SUI) price might even exceed $10.
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2025-01-13 16:05