Altcoins that show strength during Bitcoin price decline: JUP, SEI, AVAX, GALA and SUI
- Bitcoin price wiped out weekly gains on Friday, the asset’s decline ushered a bloodbath in crypto.
- Jupiter, SEI, Avalanche, Gala and SUI prices rallied, the altcoins showed strength during a market correction.
- The total market capitalization of altcoins is following the 2020 trend closely, period of accumulation and distribution is likely complete.
Bitcoin price correction ushered a crypto market decline, however some altcoins showed strength during the dip, offering gains to holders. This is a key narrative that emerges during a BTC correction, since typically profits from the largest asset rotate into altcoins.
Also read: Solana, meme coins and AI tokens post daily gains, withstanding crypto market retreat
Altcoins that show resilience during Bitcoin price dip
The market capitalization of altcoins is repeating its 2020 trend, when observed closely, there is a long period of accumulation, distribution and the current phase, the breakout, where altcoin prices are likely to note an impulsive move, climbing higher, faster.
Altcoin market capitalization. Source: TradingView
Jupiter (JUP), SEI, Avalanche (AVAX), Gala (GALA), and Sui (SUI) resisted the crypto market decline. These altcoins are in line with the rising altcoin market capitalization, against BTC price correction, these assets have posted nearly double-digit gains in the past day.
JUP price rallied nearly 25% in the past 24 hours on Binance. The asset could see further increase in its price, if the buying pressure sustains and the bulls are in control, in the coming week.
JUP/USDT 4-hour price chart
SEI, FTM, AVAX, GALA and SUI prices climbed between 4 and 13% in the same timeframe. It remains to be seen whether these altcoins sustain their recent gains as altcoin market capitalization climbs in the coming weeks and months.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
