Altcoins – or alternative cryptocurrencies that are not bitcoin – have shown signs of recovery in the last 24 hours, with Dogecoin hitting $0.42 on Wednesday morning and Solana experiencing a remarkable 10.7% price increase, surging to $229.22 per token. The market capitalization for Solana alone jumped by 10%, reaching $109.2 billion during this period.
Bitcoin, the world’s leading cryptocurrency, is currently trading above $100,000, representing a rebound for the cryptocurrency after first crossing that milestone earlier this month. “There’s a lot of liquidity building up on the topside for bitcoin,” CryptoSea co-founder Daan de Rover said . “We all know what’s next.”
Despite these gains, challenges remain for altcoins in the coming weeks. Hartmann Capital founder Felix Hartmann has predicted a potential “slow bleed” for alternative cryptocurrencies. Popular altcoins faced a tough period during the last week as bitcoin plunged below $97,000. Dogecoin, a popular meme coin trumpeted by Tesla CEO Elon Musk, recently saw its value plummet by more than 4% , while others like the ethereum competitor Solana saw their price dip by more than 2% .
But the majority of these altcoins are facing an upswing in prices, with Shiba Inu, an ethereum-based rival to Dogecoin, has seen its price valuation spike almost 13%. The price of the coin currently runs at approximately $0.000029. Similarly, Cardano has seen a 13% upsurge, reaching a new price of $1.09 in the last day, while the world's third-largest crypto by market capitalization, XRP, has seen a 17% jump in its price, reaching a current price of $2.44, according to CoinMarketCap .