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On Friday, Bitcoin erased its weekly gains, initiating a downturn. This signaled a bloodbath in the crypto market. Altcoins such as Jupiter, SEI, Avalanche, Gala, and SUI saw price increases. These five altcoins demonstrated their strength during the market correction. The total market value of altcoins is closely following the 2020 trend, indicating that the accumulation and distribution phase is likely complete.
Bitcoin’s Price Correction Influences Crypto Market
The correction in Bitcoin‘s price led to a downturn in the crypto market. However, some altcoins managed to perform strongly during this decline, providing gains for their holders. This situation is a significant narrative during a BTC correction, as profits from the largest asset often flow into altcoins.
The market value of altcoins appears to be mimicking the 2020 trend. Upon close examination, there’s a long phase of accumulation, distribution, and the current stage. This suggests that altcoin prices may soon climb higher and faster in an impulsive movement.
JUP, SEI, AVAX, GALA, and SUI Prices Rise
Jupiter (JUP), SEI, Avalanche (AVAX), Gala (GALA), and Sui (SUI) resisted the downturn in the crypto market. These cryptocurrencies moved in sync with the rising altcoin market enthusiasm, despite Bitcoin’s price correction, achieving nearly double-digit gains today.
JUP’s price increased by about 25% on Binance in the last 24 hours. If buying pressure continues and bulls take control, this asset may see further price increases in the coming weeks.
The prices of SEI, AVAX, GALA, and SUI increased between 4% to 13% in the same time frame. As the market value of altcoins rises in the coming weeks and months, it will be interesting to see if these altcoins can maintain their gains.
Weekdays for Bitcoin, Weekends for Altcoins
As a long-time market observer, I’ve noticed that in recent weeks Bitcoin tends to surge on weekdays, while altcoins often see significant rises over the weekend when BTC’s trajectory is relatively calm.
This pattern became more evident especially after the approval of the spot Bitcoin ETF. While this isn’t a rule, it’s an observation I wanted to share. Let’s see if the coming days will clearly indicate the start of an altcoin season.
