As Bitcoin aims for the $100,000 mark, the future of altcoins looks rocky. CrediBULL Crypto, a crypto trading analysis community on the X platform, suggests that while Bitcon may surge, altcoins will face short-term struggles.
What do you think? Read on to explore the insights and data pertinent to arrive at a definite conclusion.
Short-Term Outlook for Altcoins
Initially, there may be a slight increase in altcoin prices, but CrediBULL sees these as temporary recoveries that precede further declines. This pattern is expected particularly for Solana, Chainlink, WIF and major meme coins, which have been in a prolonged phase of selling and price drops.
Bitcoin’s Dominance and Its Impact
According to CrediBULL Crypto, as Bitcoin breaks out of its current price structure, it will attract significant investment, drawing funds away from altcoins. However, the community believes that although altcoins will eventually follow Bitcoin’s rise and might even outperform it, this recovery will take time and some altcoins might experience further decline before rebounding.
Bitcoin Price and Dominance: Experts’ Analysis
Crypto trading expert Michael van de Poppe, in his latest X post, observes a strong bounce in Bitcoin from its range lows, with altcoins also showing some upward movement. He notes that Bitcoin dominance has slightly fallen, indicating a possible shift in market dynamics.
Currently, Bitcoin’s dominance stands at 54.59%, up from 51.62% at the beginning of 2024, and it peaked at 56.30% in mid-April. As of June 1, 2024, Bitcoin dominance was 54.11%, with this month’s peak at 55.85% on June 17, 2024.
Crypto Market Data: A General View
The crypto total market cap excluding the top 10 dominance shows a current dominance of 10.34%, down from a yearly peak of 13.38% at the beginning of 2024. On June 1, 2024, the figure was 11.38%, which was the monthly peak.
As of now, the price of Bitcoin is $60,769.45, showing a 30-day decline of 12.4%, a 7-day decline of 7.5%, and a 24-hour decline of 3.1%. Solana is currently priced at $133.88, with a 30-day decline of 19.0%, a 7-day decline of 2.1%, but a 24-hour increase of 6.55%. Chain Link is priced at $13.84, with a 30-day decline of 24.4%, a 7-day increase of 1.0%, and a 24-hour increase of 6.1%. WIF is priced at $1.83, with a 30-day decline of 40.1%, a 7-day decline of 11.8%, but a 24-hour increase of 15.8%.
In conclusion, as Bitcoin continues its upward trajectory, the short-term outlook for altcoins remains uncertain. Crypto traders and investors should be prepared for potential declines in Altcoin prices, even as their long-term prospects remain positive.
Also Read: SHIB & PEPE Plunge Amid Crypto Market Dips: Meme Coin Frenzy Ends?
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