Altcoins Fall: Will Ethereum And Solana Bulls Surpass Expectations?
2024年3月16日 - 1:00AM
NEWSBTC
After a six-week run, altcoins are cooling off, leading some to
fear the worst. However, in a post on X, one crypto analyst
urges calm, saying the dip is a normal part of any bull market and
may even present opportunities for discerning traders and
investors. Altcoins Drop, Follow Bitcoin After posting solid gains
and rallying to as high as $73,800 on March 13, Bitcoin edged lower
on March 14 and continues under pressure when writing. Considering
the positive correlation between Bitcoin and altcoins, leading
altcoins like Ethereum, XRP, Cardano, and Solana retraced
slightly. Related Reading: Bitcoin Crash Triggered By Failed
$1 Billion Hedge Fund Spread Trade: Expert When writing, Ethereum
is far from the $4,090 recorded last week. At the same time, the
Solana uptrend has slowed, with $200 proving elusive for optimistic
traders. Meanwhile, XRP, despite the high optimism when prices
roared higher on March 11, is struggling for momentum and is
currently trending lower. While the altcoin has been drawn down,
the total crypto market cap drop and fear creep in have caused the
analyst to remain bullish. Despite the correction, the altcoin
uptrend remains, and most coins, including Ethereum, Solana, and
Cardano, could post more gains. Ethereum, Solana, and BNB
Fundamentals Are Solid To illustrate, the crypto community remains
upbeat because of Dencun and its potential to enhance Ethereum and
the broader layer-2 ecosystem. Ethereum rollup platforms, including
Base and Optimism, that have activated Dencun features have seen
decentralized applications (dapps) launching on their platforms
benefit. Uniswap Labs, the team behind Uniswap, a leading
decentralized exchange, reported that transaction fees on users
trading on Optimism have fallen even further after activating
Dencun. This reduction in fees may be a catalyst to drive more
activity on-chain, propping up prices. On the other hand, Solana
bulls are upbeat. Since September 2023, SOL has been on a sharp
uptrend. At spot rates, the coin roared to register fresh 2024
highs. With this performance, Solana outperforms Bitcoin and
other altcoins, including ETH. CoinMarketCap data shows that SOL
has risen by 15% in the past week, closely trailing BNB, the native
currency of the BNB Chain ecosystem. Analysts are looking at the
upcoming Firedancer upgrade to fortify Solana’s infrastructure
further and increase reliability. Meanwhile, regulatory
developments in the United States are evolving positively, propping
up altcoins, mainly BNB. Related Reading: Solana’s Biggest
Memecoin Gains Over $680,000 In 3 Days As Investors Bet On Its
Popularity Overall, the crypto uptrend remains even with prices
cooling off. More importantly, even with falling prices, sentiment
remains bullish. In the past week, CoinMarketCap
data shows that the Crypto Fear and Greed Index is at
“extreme greed” territory. Feature image from Shutterstock, chart
from TradingView
Uniswap (COIN:UNIUSD)
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Uniswap (COIN:UNIUSD)
過去 株価チャート
から 6 2023 まで 6 2024