The altcoin market is gradually showing signs of a turnaround. After a long bearish period that saw it drop from over $1.26 trillion in March to around $960 billion in June, July looks like a month for a significant rebound.
In the first few days of the month, the altcoin market has surged nearly 3%, bringing its total value back over the $1 trillion mark to approximately $1.025 trillion
Altcoins Better Than Bitcoin? Recent Surge in the Altcoin Market
This recovery in the altcoin market is closely linked to Bitcoin's performance. Over the past week, Bitcoin has increased by about 2.7%, with its price fluctuating between $62,000 and $63,000.
An analyst from Crypto Banter's The Sniper Trading Show has noted that Bitcoin's current trading range indicates a bullish trend.
The formation of a "pin bar candle" in the last 24 hours suggests a potential bullish reversal.
This pattern, combined with the upward push in Bitcoin’s price at the weekly and monthly close, signals upward solid momentum.
Bitcoin or Altcoins? Altcoins Gaining Momentum
According to the analyst, prominent altcoins such as Solana (SOL) are showing significant activity. Analyzing the Ethereum to Bitcoin chart, he indicated a possible trend reversal, with Ethereum demonstrating the potential for a resurgence.
He noted that many altcoins, including Ethereum, are showing promise in higher time frames. Strong RSI levels indicate a bullish divergence, suggesting that these altcoins might soon outperform both Ethereum and Bitcoin.
The overall sentiment in the cryptocurrency market is shifting positively. The analyst noted that a decrease in the dominance of USDT suggests that the market may be bottoming out, paving the way for substantial gains. This sentiment is supported by bullish patterns forming in several key altcoins, such as Cardano (ADA), RUNE, Injective (INJ), Chainlink (LINK), Fantom (FTM), Solana, and Polkadot (DOT), all poised for significant price increases.
The analyst forecasts a robust performance for altcoins in the coming week, predicting gains of 20-40%. While optimistic about altcoins, the analyst remains cautious about Bitcoin, suggesting a gradual price increase without expecting an immediate surge to $70,000. This careful outlook leads some to believe that altcoins are better than Bitcoin and could be the trend for July.
Cardano as a Case Study
Cardano (ADA) illustrates potential bullish trends in altcoins. ADA has recently shown robust performance, rising by 2.5% over the past day and continuing a week-long upward trend with a total increase of over 5%. At the time of writing, ADA was trading at $0.4064.
The asset’s open interest, which measures the total number of outstanding derivative contracts that have not been settled, reflects this rising price trend.
According to Coinglass, ADA’s open interest increased by 3% in one day and is now valued at $223.28 million. This surge aligns with an approximate 1% increase in open interest volume, indicating growing trader commitment.
Moreover, whale activity in ADA has also seen a significant surge. Data from IntoTheBlock shows a sharp increase in large transactions (over $100,000), rising from less than 4,000 transactions last month to over 5,000 today. This rise in high-value transactions indicates growing interest from major investors, potentially influencing ADA’s price positively.
These robust metrics in ADA’s trading activity suggest that Cardano and the broader altcoin market may be gearing up for a bullish surge, as the analyst on Crypto Banter anticipated.
Analyst Predictions and Market Trends
Analyst Kyle Chasse has also discussed several top altcoins and their potential performance.
In his latest video, he explains why these altcoins are on his top list for July.
Chasse is particularly bullish on the Ethereum Name Service (ENS), which has shown strong performance since December, increasing from $9.84 to $30. He believes ENS has the potential to reach its all-time high, especially as more institutions like BlackRock start using Ethereum. This growing institutional interest could increase the demand for ENS, making it a valuable asset.
Furthermore, the altcoin market appears ready to outshine Bitcoin in the first week of July. With a combination of solid technical indicators, favorable market sentiment, and strategic interest from major investors, altcoins better than Bitcoin might be the defining trend of the month.