Altcoins experienced a significant drop in the middle of the week as Bitcoin fell below the $60,000 support level. The total cryptocurrency market cap dropped by 6.7%, but certain tokens showed potential for rebound due to increased whale activity.
Altcoins Buy Analysis
According to Dune Analytics Alts Buy Signal data, altcoins are on the brink of significant growth. The last time Bitcoin neared 10% on this indicator was exactly four years ago in the summer of 2020. Over the next six months, its price soared from $10,000 to $69,000.
Bitcoin Dominance
Despite the recent dip in Bitcoin's price, altcoins still struggle to outperform it, as dominance increased by 0.85% over the last seven days. The Bitcoin Dominance chart indicates potential growth to 59%, which would be a major setback for altcoins.
Altcoin Growth Potential
The altcoin market cap has strong support at the $850 billion level, which may serve as a launch point for further growth. Previous cycles suggest that after a period of consolidation, altcoins often show significant outperformance.
In summary, despite current challenges, altcoins have a strong chance for recovery and even surpassing their previous highs due to whale activity and stabilization at key support levels.
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