Bitcoin and most top altcoins retained a sluggish momentum, while Solana, Pepe coin, AI coin Render, Injective, and NEAR Protocol experienced gains. The global crypto market cap declined by 0.49% to $2.34 trillion, and the total crypto market volume fell by 3.89% to $66.21 billion. Bitcoin's price fell by 0.66% to $64,275.17, with 24-hour lows and highs at $63,378.89 and $64,705.90 respectively. Ethereum slipped by 0.03% to $3,503.83. Solana saw a 1.92% increase in price to $134.99. XRP traded sideways at $0.4872. Dogecoin rose by 0.26% to $0.1242, while Shiba Inu slipped by 0.02% to $0.00001798. Pepe coin emerged as one of the top gainers. Arweave, Pepe coin, Pendle, Render, and Injective were among the top gainers, while LayerZero, zkSync, dogwifhat, and Brett were among the top losers. Speculations over future shifts in prices arose as BTC, ETH, and most altcoins showed a waning price action.
Altcoins are currently experiencing a bear market, with many falling to lows. The reasons behind this drop include uncertainty around Ethereum exchange-traded funds (ETFs) and high inflation in the US. Altcoins tend to perform well during periods of quantitative easing and low interest rates. Bitcoin dominance is also a factor, with BTC dominance currently at 55.4%. It is expected that the rotation will happen once the Ethereum ETF is listed. Altcoins have historically peaked around 546 days post-halving. The total market cap remains flat at $2.54 trillion, with most altcoins continuing to decline.
Analysts anticipate a rally in altcoins that could propel the altcoin market valuation to $4 trillion. Recent US economic data and the dovish stance of the Federal Reserve have created optimism in the market. Crypto analyst Benjamin Cowen predicts further declines for the altcoin market based on historical patterns. However, another analysis suggests a potential breakout in the altcoin market, with a market cap of $4 trillion. This signifies significant growth potential and has attracted interest from retail investors.
In addition to the factors mentioned above, altcoins are also suffering due to Bitcoin dominance and a flat total market cap of $2.54 trillion. Altcoins have historically performed well during periods of quantitative easing and low interest rates, but the current market conditions have led to a decline in their prices. Bitcoin dominance, currently at 55.4%, means that Bitcoin is still the dominant cryptocurrency in the market. However, once the Ethereum ETF is listed, it is expected that there will be a rotation towards altcoins. Altcoins have historically peaked around 546 days after a halving event, indicating that a recovery may be on the horizon. Despite the current bear market, analysts remain optimistic about the potential rally in altcoins, with some predicting a market valuation of $4 trillion. This positive outlook has attracted interest from retail investors who are looking to capitalize on the growth potential of altcoins.
Ripple (XRP) and PEPE coin have the potential for a 20% surge. Ripple (XRP) has been trading in the range of $0.50 and $0.48, with a potential breakout. The recent ruling favoring Ripple (XRP) is a growth catalyst. PEPE, an Ethereum-based meme coin, has gained traction and could see a 20% rally. RCO Finance (RCOF) is an emerging altcoin with an AI-powered trading platform and unique approach to decentralized finance (DeFi). RCOF offers over 120K real-world investment opportunities and voting privileges for holders. RCOF is currently in its presale stage, offering significant returns. Real-time AI-powered market predictions, dividend payments, discounted transaction fees, and staking pools are some advantages of RCOF. Long-term investors can potentially reap significant returns upon listing. The expected listing price is between $0.4 and $0.6. RCO Finance's deflationary token model and focus on community development reinforce its potential for long-term success in the DeFi space.
BTC dominance has experienced a significant 2% drop in the last 24 hours, sparking renewed interest and optimism among altcoin investors. Over $122 million in leveraged long positions were liquidated as BTC's price dropped below $61,000. Many long positions have already been liquidated, potentially reducing future selling pressure. This massive liquidation and price decline directly contributed to the drop in BTC dominance, suggesting a reallocation of capital into altcoins. Analysts note that the BTC dominance drop signals a liquidity flow into altcoins, echoing similar patterns from past market cycles. Altcoins like Solana, Toncoin, Dogecoin, and Cardano have posted impressive gains despite Bitcoin's disappointing performance. Prominent crypto analyst Michael van de Poppe observes a familiar pattern where altcoins typically follow Bitcoin's downward trend but then bounce back once BTC bottoms out. The ongoing developments related to the Mt. Gox Bitcoin have also added to market volatility. The Altcoin Season Index currently sits at a low of 22 out of 100, indicating early signs of a potential shift. Investors should remain vigilant and stay informed about market trends and changes.
Crypto Analyst Reku Fahmi Almuttaqin views that the decline in US inflation also illustrates positive potential for investors to enter instruments that are more risky, such as crypto assets. Inflation in the US Personal Shopping Price Index (PCE) fell to 2.6 percent on an annual basis (YoY) in May 2024 from 2.7 percent in April 2024. Bitcoin price recovery began to show and an initial signal of reversing price trends. Price recovery is also reflected in a number of other crypto assets, especially crypto assets from the infrastructure sector such as ENS, ZRO, TAIKO, and coin memes such as WIF, POPCAT, WEN, and MOG. Several indicators such as the Alts Buy Signal compiled by Cryptochoryo on the Dune platform, currently indicate a strong buy situation for altcoins at an unprecedented level. Altcoins tend to have higher risks than Bitcoin. Reku urges investors to make careful and not rushed decisions, save regularly, monitor market conditions, diversify to other altcoins, and take advantage of the features provided by Reku. [38adb80e]