Sunday, 3 March 2024

Crypto News

Cardano (ADA), Solana (SOL) and Polkadot (DOT) soar — Is it altseason?

Cardano (ADA), Solana (SOL) and Polkadot (DOT) soar — Is it altseason?

Bitcoin (BTC) faced a sharp correction on Dec. 11 plummeting as much as 8% to a four-month low at $40,150, wiping out the gains of the past seven days

This drop in BTC’s price has triggered a market-wide re-evaluation, prompting a debate on the potential for altcoins to spearhead the next significant rally in the cryptocurrency landscape.

Market experts and analysts believe the recent price crash is a part of the ongoing price cycle, and after two months of a bullish surge, a correction was inevitable.

Analysts’ insights into Bitcoin’s recent pull-back

Crypto analyst and co-founder of Reflexivity Research Will Clemente interpreted the market correction as a means to shake out weak positions and reduce the highly leveraged crypto markets, attributing this volatility to a necessary phase in market evolution.

Additionally, Kaleo, co-founder of the LedgArt NFT project, took to X to express their belief that the recent downturn was “nothing more than a healthy correction after a massive parabolic extension.”

According to Kaleo, the flagship cryptocurrency has defined a “new range” within which it is likely to consolidate for the next couple of months before scaling higher.

A Dec. 12 post from X social platform user Bankless pointed out that while the crypto market experienced the “worst day” in months on Dec. 11, the pull-back presented a “chance to buy the dip”.

Market intelligence firm Santiment pointed out a significant surge in social media posts advocating for ‘buying the dip.’

“#Crypto has experienced its…

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