In early July, a significant Bitcoin correction seemed to have dampened expectations of a new upswing in the cryptocurrency market. However, recent positive signs and encouraging macroeconomic data could change this scenario.
Among the most optimistic figures is JPMorgan. Although the institute revised its 2024 capital inflows forecast from $12 billion to $8 billion, it remains confident that Bitcoin and other cryptocurrencies will recover, as reported by Beincrypto.
JPMorgan claims that if Bitcoin can recover the crucial psychological support of $60,000 in the coming weeks, the altcoins could also see a significant recovery, similar to what happened in the second half of 2023. A key indicator for initiating the altcoin season would be a 75% over-performance of the top 50 altcoin compared to Bitcoin by August.
Despite the negative climate, some players in the altcoin market see signs of a possible turnaround. Prominent projects such as Celestia (TIA) and Optimism (OP) have seen significant rebounds, suggesting that a wider recovery may be on the horizon in the coming months.
At present, however, the achievement of these objectives seems distant. Over the past 90 days (today is 07/12/2024 ndr), 70% of major altcoins have performed less than Bitcoin. The only exceptions include:
which have shown increased resilience.
In addition, the Crypto Fear and Greed Index, down to 25 points in the "extreme fear" zone, highlights a marked pessimism among investors. Bitcoin’s response to the ICC post-data downturn was not considered sufficient, and the failure to regain the $60,000 support further intensified the pessimism in the community.
Before this July chapter, Forbes ranked the top 10 altcoins in June 2024. Here is the list with the respective market capitalizations.
SOURCES: Forbes
The Crypto Gateway
Viola Meacci, student of Biomedical Engineering at the University of Pisa, has always been interested in the world of journalism. In her job, she explored the world of blockchain, cryptocurrencies, NFT and metaverse which she now very is passionate about it .
