Will Altcoins Suffer as Bitcoin Aims for 100000 Fresh Market Insights and Data

As Bitcoin strives to reach the $100,000 milestone, the future of altcoins appears to be in jeopardy. CrediBULL Crypto, a community dedicated to analyzing crypto trading on the X platform, suggests that while Bitcoin may experience a surge, altcoins will face challenges in the short term.

What are the insights and data that support this claim? Let’s delve deeper to arrive at a definitive conclusion.

Short-Term Prospects for Altcoins
Initially, there may be a slight increase in altcoin prices, but CrediBULL anticipates that these recoveries will be temporary and will be followed by further declines. This pattern is expected to be particularly evident in Solana, Chainlink, WIF, and major meme coins, as they have been undergoing a phase of selling and price drops for an extended period.

Bitcoin’s Dominance and Its Impact
According to CrediBULL Crypto, as Bitcoin breaks out of its current price structure, it will attract significant investment, diverting funds away from altcoins. However, the community believes that although altcoins will eventually follow Bitcoin’s upward trajectory and may even outperform it, this recovery will take time, and some altcoins may experience further declines before bouncing back.

Yes.

We may initially witness some relief across the board, but in my opinion, most of these pops are just dead cat bounces.

Again, this applies to the altcoins I’ve been discussing that have been in a distribution phase for several months (SOL, WIF, LINK, and most major meme coins), not necessarily the ones that…

https://t.co/K23SeycwDX

— CrediBULL Crypto (@CredibleCrypto)

June 25, 2024

Bitcoin Price and Dominance: Analysis from Experts
Michael van de Poppe, a crypto trading expert, shares in his latest post on X that Bitcoin has experienced a strong rebound from its range lows, with altcoins also showing some upward movement. He notes that Bitcoin’s dominance has slightly decreased, indicating a potential shift in market dynamics.

A relatively strong bounce on #Bitcoin from the range lows. #Altcoins have seen even more significant gains since that level. Bitcoin dominance is starting to fall slightly, and this may even account for the Mt. Gox incident being priced in.

pic.twitter.com/b8qhVaX20V

— Michaël van de Poppe (@CryptoMichNL)

June 25, 2024

Currently, Bitcoin’s dominance stands at 54.59%, up from 51.62% at the beginning of 2024, and it reached a peak of 56.30% in mid-April. As of June 1, 2024, Bitcoin’s dominance was 54.11%, with a peak of 55.85% on June 17, 2024.

Crypto Market Data: An Overview
The dominance of the crypto total market cap, excluding the top 10 cryptocurrencies, currently stands at 10.34%, down from a yearly peak of 13.38% at the start of 2024. On June 1, 2024, this figure was 11.38%, which marked 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%. Chainlink 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 though their long-term prospects remain positive.

Also Read:
SHIB & PEPE Plunge Amid Crypto Market Dips: Meme Coin Frenzy Ends?

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