🚀 Crypto XRP, Shiba Inu, Cardano, Solana Mega Bounceback Imminent as Altcoin Bottom Holds Strong

[Undefeated_Lamba]

Bitcoin fell below $60,000 on June 24 for a few hours before promptly recovering above the key support level. However, many top altcoins have outperformed BTC over the past week, rising nearly 10% against it at one point. The smaller tokens did experience big losses leading up to this short-term bearish price action, but they have resisted falling further into the abyss.

Is this the Altcoin Bottom?​

XRP, Shiba Inu, Cardano, and Solana have had a bearish outlook for the past two months. Including Ethereum, the altcoins have lost roughly 22% of their value since reaching an all-time high market capitalization of $1.24 trillion in mid-March. The price has been on a downward trend since then, with a brief period of resurgence.

Here is the altcoin market capitalization performance from the last six months:

Image Source: TradingView

However, it is interesting that the altcoin market has remained largely steady for the last two weeks. For reference, here is Bitcoin’s price action during this time:

Image Source: TradingView

So, at one point, altcoins were plummeting worse than Bitcoin, but they stopped around 2 weeks ago and have largely remained steady ever since, apart from a brief price recovery during the last 24 hours. Bitcoin, on the other hand, has continued posting losses during this time. This has resulted in speculations regarding a possible long-term altcoin bottom.

According to Michael van de Poppe, a popular Dutch crypto influencer, many altcoins have posted double-digit gains against Bitcoin (BTC). This is seen as an indicator of a potential market bottom.

Similar sentiments are echoed by other top crypto analysts, particularly those heavily invested in meme coins and AI-driven projects. The price stability suggests they might be correct, but this situation is likely to hold only if Bitcoin manages to stay above the key $60,000 support level. If the leading cryptocurrency falls below this critical support level, altcoins will likely follow suit soon after, leading to another bearish trend.

Concluding….​

Overall, the price losses reported by Bitcoin and the altcoin market are within normal limits. BTC has fallen 16%, while the altcoin market has registered a loss of 22%. So, despite the panic propagated by crypto naysayers, the digital currency losses aren’t indicative of a major market meltdown, and they are likely to bounce back in the third and fourth quarters.