XRP News Today: Altcoin Dominance Approaches Key Point Amid Market Volatility

A cryptocurrency analyst has observed a significant development in the altcoin market, suggesting that altseason may be quietly building up. According to the analyst, altcoin dominance levels are approaching crucial points, indicating a potential bullish breakout for alternative cryptocurrencies. This observation comes after a period of market volatility and losses for leading cryptocurrencies, including Bitcoin, Ether, XRP, and SOL.

The analyst highlighted several bullish indicators that support the possibility of a bullish recovery for altcoins. These indicators suggest that altcoins are on a path towards a highly anticipated bullish recovery, positioning them for a silent build-up of momentum. The analyst's assertion is based on the observation that altcoins, by dominance, are approaching a key breaking point, with multiple metrics giving bullish indications. This could spark a long-awaited reversal for the alt market, according to the analyst.

The analyst's observations come in the wake of a broader cryptocurrency market downturn, where leading cryptocurrencies collectively recorded losses. On June 13, the crypto market volatility rose to worrying levels as geopolitical tensions heightened. The total market value for cryptocurrencies plummeted, dropping to $3.24 trillion, with a 4% decline in total market value recorded within 24 hours. Leading cryptocurrency Bitcoin recorded a 5.6% intraday decline, briefly trading at $102,700, while leading altcoins such as Ether, XRP, and SOL dropped by 9.4%, 5.8%, and 9.6%, respectively.

The bearish development was accompanied by a rise in liquidation levels, as recorded on June 13, when $1.15 million was liquidated over 24 hours in the futures market. Although the new week kicked off with a mild price recovery, with Bitcoin reclaiming the $104,454 price mark, most leading alternative coins must work even harder to clear recently attained losses to make a bullish turnover. At the time of this report, the total crypto market cap is up 0.27% over the last 24 hours, with a value of $3.24 trillion, indicating a growing market presence.

According to the analyst, the bullish development is setting altcoins on a path towards a highly anticipated bullish recovery and positioning them for what he believes is a silent build-up of momentum. The analyst believes that altcoins, by dominance, are approaching a key breaking point and with multiple metrics giving bullish indications, we could see a bullish breakout, sparking a long-awaited reversal for the alt market. Altseason may be quietly building up, according to the analyst.