Market Insights REVEALED: Are Altcoins Doomed as Bitcoin Targets $100,000?

Published by

Vignesh S G

June 25, 2024

Bitcoin’s relentless surge towards a staggering $100,000 is sending shockwaves through the crypto world. Are altcoins about to get swept away?

CrediBULL Crypto, a leading crypto trading analysis community, warns of a potential altcoin nightmare as Bitcoin explodes.

Read on to discover what experts predict for the future of altcoins.

Looking at the Short-Term

Initially, altcoin prices may show slight recoveries, as suggested by CrediBULL Crypto. However, these upticks are expected to be brief, especially for major players like Solana, Chainlink, and prominent meme coins. These coins have been grappling with persistent selling pressure and market volatility.

CrediBULL Crypto anticipates that Bitcoin’s anticipated breakout from its current price range will attract significant investments, diverting attention and capital away from altcoins. While some altcoins may eventually follow Bitcoin’s upward trajectory and potentially outperform it, this recovery is likely to unfold gradually. In the meantime, certain altcoins may experience further declines before stabilizing.

Insights from Market Experts

Michael van de Poppe, a well-regarded crypto trading expert, recently highlighted key developments on the X platform. He noted a strong recovery in Bitcoin prices from recent lows, accompanied by modest gains in altcoins.

A slight decline in Bitcoin’s dominance also hints at shifting market dynamics, signaling a nuanced phase for crypto investors.

As of June 1, 2024, Bitcoin holds a dominance of approximately 54.11%, with a recent peak of 55.85% on June 17, 2024, underscoring its strengthening position. Conversely, the dominance of altcoins outside the top 10 has slightly decreased to 10.34%, down from earlier highs this year.

Bitcoin is currently trading at $60,769.45, marking declines of 12.4% over the past month, 7.5% over the past week, and 3.1% in the last 24 hours. Meanwhile, Solana trades at $133.88, with a 30-day decline of 19.0%, a weekly decrease of 2.1%, but a daily increase of 6.55%.

Chainlink is priced at $13.84, showing a 24.4% drop over the past month, a 1.0% increase in the last week, and a 6.1% rise in the last 24 hours. WIF is priced at $1.83, with declines of 40.1% over the past month, 11.8% over the past week, and an increase of 15.8% in the last 24 hours.

In conclusion, while Bitcoin’s upward trajectory is promising, the short-term outlook for altcoins remains uncertain. Crypto enthusiasts and investors should brace themselves for potential fluctuations in altcoin prices, while remaining optimistic about their long-term prospects.

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

Bitcoin vs. Altcoins: Who will win in the long run? Let’s wait and watch.

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.