Following a surge in the Bitcoin price to $61,385.07, altcoins have also had a positive effect as the altcoins market cap has slightly recovered to 232.231B. The market is turning green, with altcoins bouncing back after facing a major decline in the last few days, but for now, a different trend is entering the market. Many analysts have already claimed July to be the month for altcoins rally, offering a minimum of 100% gains. So, the current time is the perfect opportunity to stock up on a few altcoins like Ethereum, Solana, and Toncoin.
Ethereum
The recent market crunch has pushed Ethereum and many other altcoins to the lowest points of the month. The ETH price had earlier dropped to $3249.5, but a recovery was awaited for this second-biggest cryptocurrency. As of now, the Ethereum price is $3,442.72 after gaining a 2.2% recovery in the last 24 hours. Ethereum closely follows the Bitcoin price movement, and with BTC rallying to ATH, it is prepared to race the bears.
Solana
Solana has made a big jump from $139 to $146.93 in just 20 minutes, aiding its 7% recovery in the last 24 hours. More importantly, this surge is supposed to continue for longer with active sentiments. Earlier in March, the Solana price surged to $202 before following a downtrend. But with the altcoins rally in July, investors are eyeing these altcoins. Additionally, the Solana ETF demand is rising, and VanEck Solana (SOL) has also applied for the ETF, leading to the ongoing surge in Solana value.
Toncoin
Toncoin popularity has grown insanely this year as it has offered 232% gains till now, despite the recent losses. The demand surged to its highest at the beginning of June when it surpassed Ethereum in the daily number of active users, 568.3k in numbers. It has been only 15 days since it created a new all-time high of $8.24 and is now 6.7% away after rising 3% in the last 24 hours. TON price is now at $7.67 and is among the first altcoins to bounce back.
Analysts also believed that altcoins like Cardano, Injective, and XRP could also bounce back based on their popularity. However, Cardano and XRP have been stuck with their limitations but still signal a price recovery from the current dips. On the other hand, Injective has already begun the upsurge. Its promising token-burning mechanism is a significant factor in pushing its value with the right trend.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Read More: Top Altcoins To Bounce Back: Analysed | CoinGape
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