Altcoins Bounce Back With BTC Dominance Dropping, Is the Bottom In?
Highlights
- Solana and Chainlink register the strongest bounce with 10% gains each.
- Bitcoin dominance drop by 2% in 24 hours makes way for strong altcoin recovery.
- Altcoin prices show strong reversal against Bitcoin indicating that the bottom could be in.
After facing the brutal sell-off on Monday, altcoins have bounced back once again putting up fresh 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 offset all its last week’s losses. Other popular altcoins like Cardano (ADA), dogecoin (DOGE), Toncoin (TON), are up anywhere up between 3-5%.
Altcoins Pump As BTC Dominance Drops
The Bitcoin price correction pushed the BTC price under $59,000 earlier today before recovering to $61,500 once again. However, with the Bitcoin dominance declining, altcoins have registered strong gains. In the last 24 hours, the Bitcoin dominance has tanked by 2% suggesting a strong liquidity flow happening into altcoins.
Also Read: Major Capital Shift to Altcoins Coming in Two Weeks
The “Total 3 Index” including Bitcoin and Ethereum, is holding strong at the support levels showing signs of potential trend reversal. This development has forced investors to question whether the alt season is about to begin.
$BTC dumping but altcoins pumping.
I’ve seen this before 👀.
BTC dominance going down means liquidity flowing into altcoins.
BTC dominance saw a -2% drop in past 24hrs.
Total 3 is also holding local support nicely and looking for a reversal.
Is altcoin season about to start?… pic.twitter.com/aRCV3YWV5I
— Dami-Defi (@DamiDefi) June 25, 2024
Is the Alt Bottom Already In?
Renowned crypto analyst Michael van de Poppe highlighted a familiar pattern where altcoins usually follow the BTC downtrend but tend to bounce back once Bitcoin reaches its bottom. He noted that the Bitcoin pairs often show signs of a bottoming process before the USDT pairs. “We can see multiple signals that we might be reversing already, said Poppe, citing the current movement in altcoin against Bitcoin. The latest development in the wake of the current news of Mt. Gox’s Bitcoin repayment.
You’d like to see #Altcoins bouncing up at the final stages of a correction.
Today, it’s the first time we’ve seen this.
BTC pairs are up extensively, marking a potential bottom on the #Altcoin pain.
I’m very happy with my current positioning and expectations.
— Michaël van de Poppe (@CryptoMichNL) June 24, 2024
Along with Solana (SOL), Chainlink (LINK) has mirrored similar gains shooting up by 8% and currently trading at $14.09. On the upside, $15 remains a major hurdle to clear, however, technical indicators suggest that the bottom for LINK could be already in.
#Altcoins start to show strength, as some of them are up 10% on the day against Bitcoin.
That’s my prime focus.
I think $LINK is bottomed here too.
The rotation to the better second half of the year is near. pic.twitter.com/mhmxNOwaT9
— Michaël van de Poppe (@CryptoMichNL) June 24, 2024
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