As Bitcoin Struggles Near $64K, Will These Altcoins Steal the Spotlight?

Some market analysts opine that the majority of altcoins have found their bottom and are due to usher the next wave up.

According to Mechanism Capital Partner Sam Kang, the market has not been following its previous patterns. Traditionally, whenever Bitcoin forms a new all-time high, altcoins follow suit. However, this failed to happen for most altcoins earlier this year when BTC hit an ATH of $73k on the charts.

A look at data from Blockchain Center revealed that only 11 out of the top 50 altcoins outperformed Bitcoin over the last 90 days.

Kang’s analysis comes on the back of Ethereum forming a yearly low against Bitcoin on 9 August. The ETH/BTC daily chart also revealed that the largest altcoin has been forming lower lows against BTC since October last year.

The Relative Strength Index has also sustained levels above 30 since March – A sign that SOL has not been oversold for an extended period.

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