According to CryptoPotato, the recent cryptocurrency market correction has primarily impacted altcoin investors, with many experiencing losses. However, meme coin investors, such as those in Dogecoin (DOGE) and Shiba Inu (SHIB), are comparatively better off, with fewer holders facing losses due to earlier price increases.

Despite a promising start to the year and last month's Bitcoin (BTC) halving, the cryptocurrency market has been undergoing a severe correction. The price of the primary cryptocurrency has fallen 10% over a week, dropping below the $60K mark. Other leading digital assets, including Ethereum (ETH), Solana (SOL), and Ripple (XRP), are also significantly in the red.

Market intelligence platform IntoTheBlock outlined the ten cryptocurrency projects with the most holders currently experiencing paper losses. Algorand (ALGO) investors topped the list, with 91% of investors being underwater. The Sandbox (SAND) and Arbitrum (ARB) followed, with over 80% of holders in the red. Cardano (ADA) and Uniswap (UNI) investors also faced losses of 60% and 52% respectively.

However, IntoTheBlock suggested that these assets could offer 'great opportunities' if they demonstrate strong fundamentals and signs of on-chain activity and growth.

Interestingly, the list does not include any meme coins. According to IntoTheBlock, only 18% of Dogecoin (DOGE) holders and almost 40% of Shiba Inu (SHIB) investors are currently experiencing paper losses. The majority of those who have invested in Pepe (PEPE) and Floki Inu (FLOKI) are also in the green. This is due to the substantial price increases many of these assets experienced in the months prior to the current correction. This is a stark contrast to September of the previous year when almost 90% of SHIB holders and 42% of DOGE investors were at a loss.

Are altcoins truly facing a tough time, or will Bitcoin and Ethereum overshadow them, leading to poor performance from altcoins? Bitcoin is currently trading between $62,500 and $63,000.
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According to an analyst, this range indicates a strong effort from the bulls in the last 24 hours and the formation of a “pin bar candle.” This pattern suggests a potential bullish reversal. On Crypto Banter’s The Sniper Trading Show, the analyst noted that the bulls drove the price higher as we approached the weekly and monthly close.
Analyst Sees Bullish Trends for Altcoins and Ethereum
The analyst believes that strong momentum is ahead for the market and notes that altcoins, including Solana (SOL), are also performing well. He suggests that Ethereum (ETH) might break its current trends and experience a resurgence. According to him, many altcoins, on higher time frames, appear set to outperform Ethereum and Bitcoin, showing strength in their Relative Strength Index (RSI). The RSI has recently reset at the bottom, indicating bullish divergence.

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The analyst expects altcoins to see significant gains this week, potentially reaching new all-time highs. He also observes that USDT dominance is maintaining its trend, which is a positive sign. If USDT dominance breaks this trend, it could indicate that the market has hit a bottom.
He explains that the “pin bar candle” is a crucial reversal indicator, referencing past instances where such patterns led to market upswings. Additionally, he highlights bearish divergence in the USDT dominance chart, which could signal a market push downward and an upcoming upswing.

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Analyst Sees Shift to Stronger Altcoins and New Meme Coin Wave
Discussing the waning hype around meme coins, the analyst expects a shift towards more substantial altcoins. He predicts a second wave of meme coins will emerge in a few months, driven by retail interest and celebrity endorsements, which will attract more participants to the market.
The analyst highlights several altcoins showing positive signs, including Cardano (ADA), RUNE, Injective (INJ), Chainlink (LINK), Fantom (FTM), Solana (SOL), and Polkadot (DOT), noting that many are forming bullish patterns. He anticipates a strong week for these altcoins, with potential gains of 20-40%.
While optimistic about altcoins, the analyst remains cautious about Bitcoin, predicting a gradual rise without expecting a dramatic move to $70,000 in the near term.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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