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Following the spot Bitcoin (CRYPTO: BTC) ETF approval, altcoins witnessed a price drop but analysis by investors pointed out that this is a correction phase and “buy the dip” scenario.
What Happened: After the spot Bitcoin ETF approval, altcoins reported softer losses than the crypto king. A recent Glassnode report stated the altcoin market cap has saw a 68.9% surge since the filing of BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT), aligning with the increase in Bitcoin’s market cap. Ethereum (CRYPTO: ETH) underperformed the wider altcoin space by -17%.
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Since the FTX collapse in November 2022, Bitcoin expanded its market cap dominance from 38.9% to 49.8% while altcoins lost their market share in the overall crypto markets with their market cap dominance dropping from 28.3% to 24.2%.
Among the top 10 altcoins based on market cap, Ethereum is at the top followed by Binance Coin (CRYPTO: BNB), XRP (CRYPTO: XRP), Dogecoin (CRYPTO: DOGE), Cardano (CRYPTO: ADA) and Solana (CRYPTO: SOL).
For those unfamiliar, the basic definition of altcoin is any crypto asset other than Bitcoin. While in earlier years few crypto assets other than Bitcoin existed, there are now a wide variety of coins and tokens with various use cases and not necessarily Bitcoin competitors.
Why It Matters: Despite altcoins losing market share and trading under pressurized conditions, crypto analysts see this correction phase as a buying opportunity and a period of calm before a potential surge.
Crypto analyst, swing trader and long-term investor Capo Of Crypto highlighted in the Altcoins Market Cap chart that it is currently testing a major support. He said: “Also most altcoins look like they want a last high, that’s why I have added some exposure to alts (30%). Last leg up, then full reversal to new lows.”
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Currently testing a major support. 5th wave of C is missing, and the main resistance hasn’t been reached yet. Also, most altcoins look like they want a last high, that’s why I have added some exposure to alts (30%)
Last leg up, then full reversal to new lows. pic.twitter.com/dGrQEHvB2J
— il Capo Of Crypto (@CryptoCapo_) January 24, 2024
Crypto analyst Michaël van de Poppe said altcoins already experienced a 30%-50% correction and were not going into one more. He added: “This means, in a bull cycle, that you’d want to load up on your positions. You wanted them before the ETF at higher prices, so should you now.”
Another trader, Moustache tweeted, “This is nothing more than a buy the dip opportunity.” He added that this is the calm before the storm.
Crypto YouTuber Crypto Rover stated on X platform: “I’ve stopped buying #Bitcoin. I only buy #Altcoins now.”
Bitcoin investor/trader Seth said it was time to accumulate altcoins of your choice. “#Gaussian Channel turning green is very bullish! What coin will be the Solana of this cycle? Anybody shill me the next Solana!”
The Glassnode report stated that despite corrections, investors still express interest in a potential Ethereum ETF approval and Solana’s outperformance against Bitcoin and Ethereum.
“Start 2024 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to start 2024 strong with 12 hot stock ideas every single month. ACT FAST.
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