Pepe Leads the Pack as Altcoins Take Center Stage in Crypto Bloodbath BTC Dominance Declines

Bitcoin’s price has been a letdown for many, but the weekend saw significant activity in altcoins. The altcoin market recently hit a new low, despite extensive discussions last week about the possibility. Although there was minimal movement over the weekend, a major shift occurred in the last 12 hours. In the last 24 hours, Bitcoin has dropped by more than six percent, and Ethereum is also trading in the red zone.

Last week, analysts analyzed the price action and position in the altcoin market, noting that the initial bounce might indicate a reversal, but it’s usually not the real bounce. However, the question now arises: is it time for the real bounce? Solana has gained nine percent, and Toncoin, Dogecoin, and Cardano have all seen a four percent increase. Chainlink has surged by seven percent, and Pepe has seen a more than 10 percent increase.

There was speculation that the market might be nearing the bottom, and there were talks of a final drop that would spook the market. Analyst Dami Defi wrote on X, “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 the past 24hrs. Total 3 is also holding local support nicely and looking for a reversal. Is altcoin season about to start?”

Michael Van De Poppe also observed, “Relatively strong bounce on #Bitcoin from the range lows. Altcoins are up even more since that level. Bitcoin dominance starts to fall slightly, through which the Mt. Gox even starts to get priced in.”

However, as the market has held at the recent lows, it is crucial to monitor stability throughout the day, looking for a potential bottom formation and an upward movement.