From Nasdaq:

Following the approval of a spot Bitcoin ETF, altcoins saw a price drop, sparking a “buy the dip” scenario and correction phase. Altcoins outperformed Bitcoin in losses and experienced a 68.9% increase in market cap since the filing of BlackRock’s iShares Bitcoin Trust. Ethereum underperformed the wider altcoin space by -17%.

Since the FTX collapse in November 2022, Bitcoin expanded its market cap dominance to 49.8% while altcoins lost market share, dropping to 24.2%. Ethereum leads the top 10 altcoins, followed by Binance Coin, XRP, Dogecoin, Cardano, and Solana.

Crypto analysts see the correction phase as a buying opportunity and a period of calm before a potential surge. Altcoins are testing a major support and many see it as a buying opportunity, with some traders stating that it’s the calm before the storm. Despite corrections, investors still express interest in a potential Ethereum ETF approval and Solana’s outperformance against Bitcoin and Ethereum.



Read more: Altcoins Bleeding In Correction Phase: ‘This Is Nothing More Than A Buy The Dip Opportunity,’ Says Analyst