Newly Rising Altcoins Of The Market; Analysed
Release: 2024/07/02 23:51 Reading: 703
Newly Surging Altcoins in the Market
July 1 witnessed a surge in the global market cap of altcoins, indicating a positive trend. However, the market situation has shifted, leading to a decline in some altcoins. Nonetheless, a few altcoins have bucked the trend and surged in value.
The fear and greed index suggests a neutral market sentiment at 49, slightly higher than the recent 44.
Toncoin (TON)
Toncoin stands just 3% from its all-time high of $8.25, set in mid-June. After a period of decline, TON has rebounded, increasing by 4% in the past 24 hours. At $8.00, the coin surpasses Dogecoin in market capitalization.
Polkadot (DOT)
Polkadot has faced challenges since its March rally, with a steep decline in value to $5.6 in June. This week, DOT has staged a remarkable comeback, trading at $6.39 after a 9% surge. While still below its monthly high, the rise is significant.
Solana (SOL)
Solana has experienced modest performance this year, with no notable gains since the March rally. The coin struggled in the wake of the altcoin downturn, falling to $123.96. However, speculation surrounding a Solana ETF has fueled demand. VanEck and 21Shares have filed for a Spot Solana ETF, citing its low cost and high transaction capabilities. As of writing, SOL has surged to $148.67, an 8% increase.
Bonk (BONK)
Bonk, along with other Solana Meme Coins, has displayed bullish behavior despite a recent setback. After gaining popularity earlier this year, these coins experienced a decline during the bearish market. BONK has gained 5% in the past 24 hours and 10% over the week, reaching $0.00002526. Despite the recovery, it remains 46% below its all-time high.
Numerous other altcoins are attempting similar recoveries, signaling a positive start to July. It remains to be seen whether the month will witness a bullish trend or a continuation of the current market conditions.
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