After weeks of multiple price surges, the crypto market appears to be on a price correction trend this week, sparked by hotter than expected inflation data and the resulting retreat of $BTC back to the sub-$65K level. Bitcoin, the market maker that broke its price records multiple times since February, is currently facing a major pull-back that could even take it below $60K, based on previous support levels.
Since $BTC’s price has a ripple effect on the entire crypto ecosystem, other altcoins have also dipped in value and price over the weekend – facing losses often 2-3 times in order of magnitude to $BTC’s drop. Some alt coins have weathered the pull-back fairly well, even maintaining bullish momentum. These coins include $SOL, $TON, $GFOX, and $AVAX.
What’s happening to altcoins?
Over the last week, $BTC experienced major price fluctuations from $67,000 to a new all-time high of over $73,000. The previous weekend, the bears took over BTC’s price, pushing it below $65,000. The bulls made an effort to push the popular cryptocurrency up to $74,000, but the bears won this round as $BTC plunged below $65,548 on March 19.
While $BTC is trading at $63K at the time of publication, the ripple effect has been felt more severely by other alt coins. Popular tokens like $ETH, $DOGE, and $SHIB lost over 20% of their profits over the week, in what can only be described as a market bloodbath.
With the current trend, it’s clear that some investors have taken their profits off the latest price rally. The only questions now are “When will the carnage be over? And how low can prices go?” Still, despite these uncertainties and price fluctuations, some alt coins have maintained impressive price composure, with some potential for price growth. These coins include:
$SOL
Over the past week, Solana has experienced a significant price increase of 40%, reaching above $200 for the first time since November 2021. This surge led to an increase in Solana’s capitalization to over $90 billion and attracted investors and crypto enthusiasts who are looking for potential opportunities in the market. Despite its current price of $182.23, which is 9.6% less than its price yesterday, previous price records have shown Solana’s resilience in the face of sell signals.
Despite current market fluctuations, analysts have predicted a potential price increase for SOL. These analysts noted that the technical sell signal on the SOL chart has been rejected, thus its potential price increase.
$TON
Toncoin (TON) has experienced remarkable growth of over 68% in the last 30 days. This surge can be attributed to the anticipation surrounding Telegram’s initial public offering (IPO). You would recall that Toncoin was the brainchild of Telegram, but the project had to stop abruptly due to SEC restrictions. Although Telegram claims to have no affiliation with $TON new owners, the TON Foundation and the CEO of Telegram, Pavel Durov, announced in February 2024 that the messaging platform would share ad revenue with channel creators via $TON. This announcement had a significant impact on TON’s price in February.
Investors expect that changes with Telegram will Direct impact on TON’s price. Thus, their interest in the TON token. Despite its 7.9% price dip in the last 24 hours, investors are confident that its price will continue its upward momentum as Telegram heads towards the IPO.
$GFOX
$GFOX is an innovative hybrid project of the Galaxy Fox network. The network combines memecoin features with interactive gaming features and NFT utilities. Galaxy Fox’s play-to-earn game is a Web3 endless runner game that offers players the opportunity to earn $GFOX. The network has also proposed to design about 3,000 unique NFTs with special in-game abilities.
With over $4.6 million raised in its presale, Galaxy Fox has positioned itself as a promising crypto project. Its innovative features have attracted the attention of investors and enthusiasts.
$AVAX
Over the past few weeks, Avalanche Network’s token, $AVAX, has been trading at around the $60 level following its recent surge. This impressive performance has seen Avalanche rank among the best-performing cryptocurrencies of the past month, gaining over 630% since September.
Although the $AVAX price stalled for a period in December 2023 and January 2024, the bullish trend resumed in February 2024, as the general crypto market sentiment became more bullish. While $AVAX saw a resistance level of $61 last week with market indicators showing positive readings and an upward trend, the token has fallen to $56.55, a decrease of about 6.6% as the ripple effect of BTC’s dip is being felt across the broader market.
Will the Alt Recovery Last?
In the previous week, the market witnessed a surge in supply pressure, and many analysts predicted increased profit-taking and sell-offs that would affect Bitcoin and other altcoins. This prediction appears to have been fulfilled, as the market has taken a swift downturn this week.
This sell-off coincides with Bitcoin’s halving in April 2024, putting altcoins to the test. Although many altcoins are facing a decline in price, GFOX is an attractive opportunity for early investors.
Final Thoughts
$GFOX has garnered much attention because of its multiple utilities. If you are looking for a safe altcoin investment, $GFOX is your best bet. Join the community today.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
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