Solana
XRP, Shiba Inu, Cardano and Solana Mega Bounceback Looming as Altcoin Bottom Remains Strong ⋆ ZyCrypto
Bitcoin fell below $60,000 on June 24 for a few hours before quickly climbing back above the key support level. However, many top altcoins have outperformed BTC over the past week, rising almost 10% against it at one point. Smaller tokens suffered big losses before this short-term bearish price action, but they have resisted falling further into the abyss.
Is this the Altcoin bottom?
XRP, Shiba Inu, Cardano and Solana have had bearish outlooks over the past two months. Including Ethereum, altcoins have lost about 22% of their value since hitting a record market cap of $1.24 trillion in mid-March. Since then, the price has been on a downward trend, with a brief period of resurgence.
Here is the altcoin’s market capitalization performance over the past 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.
Similar sentiments are echoed by other prominent cryptocurrency analysts, particularly those who have invested heavily in meme coins and AI-based projects. Price stability suggests that these claims may be correct, but this situation is likely to persist only if Bitcoin manages to stay above the $60,000 mark level of support. If the leading cryptocurrency falls below this critical support level, altcoins will likely follow suit soon after, leading to another downtrend.
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 crypto opponents, digital currency losses are not a sign of a major market collapse, and they are likely to rebound in the third and fourth quarters.