Van de Poppe indicates that the performance of altcoins compared to Bitcoin may indicate a potential price reversal as BTC lost 2% of dominance.
Altcoins have rebounded once more, instilling newfound optimism among investors following the severe sell-off on Monday. Solana (SOL) has experienced the most significant increase in value among the top ten altcoins, as it is currently trading at $136, a 10% increase.
This price surge has enabled Solana to compensate for all its losses from the previous week. Cardano (ADA), dogecoin (DOGE), and Toncoin (TON) are among the other prominent altcoins that have experienced a rise of 3-5%.
Altcoins Pump As BTC Dominance Drops
The Bitcoin price correction caused the BTC price to fall below $59,000 earlier today, but it has since rebounded to $61,500. Nevertheless, altcoins have experienced substantial growth as Bitcoin’s dominance has declined. Bitcoin dominance has decreased by 2% over the past 24 hours, indicating a significant liquidity flow into altcoins.
The “Total 3 Index,” which encompasses Bitcoin and Ethereum, maintains its stability at the support levels, indicating the possibility of a trend reversal. This development has prompted investors to query the imminent commencement of the alt season.
Is the Alt Bottom already in place?
Michael van de Poppe, a renowned crypto analyst, emphasized a well-known pattern in which altcoins typically follow the downtrend of BTC but tend to rebound once Bitcoin reaches its lowest point.
He observed that the Bitcoin pairs frequently exhibit indicators of a bottoming process before the USDT pairs. citing the present movement in altcoin against Bitcoin, Poppe stated, “We can see multiple signals that we might be reversing already.” The most recent development is in response to the recent news regarding Mt. Gox’s Bitcoin repayment.
You’d like to see #Altcoins bouncing up at the final stages of a correction.
Today, it’s the first time we’ve seen this.
BTC pairs are up extensively, marking a potential bottom on the #Altcoin pain.
I’m very happy with my current positioning and expectations.
Like Solana (SOL), Chainlink (LINK) has experienced an 8% increase and is currently trading at $14.09. Technical indicators indicate that the bottom for LINK may have already been reached, even though $15 remains a significant obstacle.