Altcoin
Are Altcoins Doomed as Bitcoin Targets $100,000? New insights and market data
AS Bitcoin aims to reach the $100,000 mark, the future of altcoins seems difficult. CrediBULL Crypto, a cryptocurrency trading analytics community on Platform
What do you think? Read on to explore relevant insights and data to come to a definitive conclusion.
Short-Term Outlook for Altcoins
Initially, there may be a slight increase in altcoin prices, but CrediBULL sees these as temporary recoveries preceding further declines. This pattern is especially expected for Solana, Chainlink, WIF and major meme coins, which are in a prolonged phase of sell-offs and price declines.
Bitcoin’s dominance and its impact
According to CrediBULL Crypto, when Bitcoin exits its current price structure, it will attract significant investment, taking funds away from altcoins. However, the community believes that while altcoins will eventually follow Bitcoin’s rise and may even surpass it, this recovery will take time and some altcoins may experience a further decline before rebounding.
Bitcoin price and dominance: expert analysis
Cryptocurrency trading expert Michael van de Poppe, in his latest post on X, notes a strong rebound in Bitcoin from the lows, with altcoins also showing some upward movement. He notes that Bitcoin’s dominance has declined slightly, indicating a possible change in market dynamics.
Currently, Bitcoin’s dominance stands at 54.59%, up from 51.62% at the start of 2024, and 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.
Cryptocurrency Market Data: An Overview
The total market capitalization of cryptocurrencies, excluding the dominance of the top 10, shows a current dominance of 10.34%, down from the annual peak of 13.38% in early 2024. On June 1, 2024, the figure was by 11.38%, which was the monthly peak.
As of now, the price of Bitcoin is $60,769.45, showing a 30-day drop of 12.4%, a 7-day drop of 7.5%, and a 24-hour drop 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 near-term outlook for altcoins remains uncertain. Cryptocurrency traders and investors should be prepared for potential declines Altcoin pricesalthough their long-term outlook remains positive.
Read also: SHIB and PEPE Collapse Amid Crypto Market Drop: Is Meme Coin Frenzy Ending?