Altcoins
Altcoins rebound as BTC dominance falls, is the bottom there?
After facing Monday’s brutal sell-off, altcoins have bounced back again, sparking renewed optimism among investors. Among the top ten altcoins, Solana (SOL) has gained the most by 10% and is currently trading at $136. With this price pump, Solana has made up for all of its losses from last week. Other popular altcoins like Cardano (ADA), dogecoin (DOGE), Toncoin (TON), are up between 3% and 5%.
Altcoins pump as BTC dominance wanes
THE Bitcoin price correction pushed the BTC price below $59,000 earlier today before returning to $61,500. However, with Bitcoin’s dominance declining, altcoins have seen strong gains. Over the past 24 hours, Bitcoin dominance has fallen by 2%, suggesting a strong liquidity flow into altcoins.
Read also: Major capital transfer to Altcoins will take place in two weeks
The “Total 3 Index,” comprising Bitcoin and Ethereum, is holding solidly at support levels, showing signs of a potential trend reversal. This development has left investors wondering if the alt season is about to begin.
dumping but pumping altcoins.
I’ve seen this before 👀.
The decline in BTC dominance means liquidity is flowing into altcoins.
BTC dominance saw a -2% decline in the last 24 hours.
Total 3 also holds good local support and is looking for a reversal.
Is altcoin season about to begin?… pic.twitter.com/aRCV3YWV5I
– Dami-Defi (@DamiDefi) June 25, 2024
Is the Alt Bottom here yet?
Prominent cryptocurrency analyst Michael van de Poppe has highlighted a familiar pattern where altcoins typically follow BTC’s downtrend but tend to bounce back once Bitcoin bottoms. He noted that Bitcoin pairs often show signs of a bottoming process before USDT pairs. “We can see several signals that we might already be reversing,” Poppe said, citing the altcoin’s current move against Bitcoin. The latest development following the current news of Redemption of Mt. Gox in Bitcoin
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Would you like to see #Altcoins bouncing during the later stages of a correction.
Today is the first time we’ve seen this.
BTC pairs are rising sharply, marking a potential bottom in the market. #Altcoin pain.
I am very satisfied with my current positioning and my expectations.
– Michaël van de Poppe (@CryptoMichNL) June 24, 2024
Along with Solana (SOL), Chainlink (LINK) reflected similar gains up 8% and is currently trading at $14.09. On the positive side, $15 remains a major hurdle to overcome, however, technical indicators suggest that LINK’s bottom may already be reached.
#Altcoins are starting to show strength, as some of them are up 10% on the day compared to Bitcoin.
That’s my main goal.
I think $LINK is at the bottom here too.
The turn towards the better second half of the year is near. pic.twitter.com/mhmxNOwaT9
— Michaël van de Poppe (@CryptoMichNL) June 24, 2024