As altcoins bounced back earlier today, popular crypto trader Michael Von De Poppe tweeted that the secondary crypto market may have recorded a bottom. He posted:
Ethereum Moves Above $3k
Alts were in the red for a better part of the last month as Ethereum fell below $3k and stayed there during this ordeal. However, the second-largest crypto by market capitalization recovered above the $3k resistance earlier yesterday.
Here is Ethereum’s performance in the last few weeks:
Ethereum started dropping its value in the buildup to May. The top altcoin was overrun by bearish sentiment at the start of the month and recorded an 8-week low on May 1. The bulls tried hard to force a recovery and recovered well above $3.2k on the 6th of this month, but they couldn’t sustain the move. The programmable blockchain network fell below $3k and stayed there for a while.
ETH languished around sub $3k levels for much of last week and has only started to appreciate strongly. The index is traded slightly above the $3k support-turned-resistance. So, when de Poppe suggests that the ETH/USD pair may have recorded a bottom, it could very well be valid.
Who Were Today’s Winners?
However, altcoins weren’t the only ones that recorded a price uptick. You can argue that they piggybacked Bitcoin’s earlier rally, and the premier cryptocurrency outperformed ETH by posting a 7% increase.Â
Other big performers included Solana (SOL), Avalanche (AVAX), Shiba Inu (SHIB), and Uniswap (UNI, 8%), Cardano (ADA). Other alts also appreciated BTC but couldn’t replicate its success.
Is Another Altcoin Boom on the Horizon?
While many analysts quickly predict another major altcoin season, it is important to point out that the market didn’t perform well enough to be considered a major game-changer. Only a handful of the top alts were able to outperform Bitcoin. Perhaps some altcoin promoters are engaging in FOMO to meet their ends.Â
However, a healthy short-term price increase cannot be ruled out for the secondary coin market. If Bitcoin and Ethereum continue to post modest gains and the former knocks on the doors of the $70k resistance once again, we will likely have a short-term spike. The incoming weekend is shaping up to have an interesting buildup as all eyes are on the altcoin charts.
