Bloodbath in Crypto? The global cryptocurrency market just took a 3 percent nosedive in the past 24 hours, sinking to $2.4 trillion during Monday’s Asian trading session. Bitcoin (BTC), the bellwether of the crypto world, is leading the charge downward, dragging the entire market into a slump.
Dive deeper to find out what’s sparking the sell-off and what it means for your crypto holdings.
Bitcoin, the leading cryptocurrency, closed last week at approximately $63,000, a critical support/resistance level that has heightened concerns of further market downturns. Over the past day, Bitcoin’s price slipped by 2.3 percent, trading around $62,800 on Monday.
Analysts warn that if Bitcoin consistently closes below $63,000 in the coming days, it may test support levels above $60,000.
Popular crypto analyst Ash Crypto predicts a prolonged consolidation phase for altcoins lasting 6-9 months before a potential surge in what is anticipated to be a mega altseason. However, Ash Crypto cautions that if Bitcoin’s bearish sentiment persists, the altcoin market could face a significant 15-20 percent correction.
“ALT Mcap has dropped below the mega bull trend line. We may see a small bounce if BTC moves upward, but it looks like the alts market will go through a final round of capitulation, where alts could drop a further 20 percent before the next mega season,”
As attention shifts away from US-based spot Bitcoin ETFs, there is growing interest in the Ethereum network. According to Santiment’s on-chain data analysis, Ethereum recently recorded its highest surge in active addresses in three months, surpassing 617,000 addresses last week.
Speculation is mounting mid-term on the back of upcoming listings of approved spot Ether ETFs in the United States. Similar approvals earlier this year for Bitcoin ETFs spurred bullish momentum towards new highs. Notably, BlackRock and Fidelity have already seeded their respective Ether ETFs in anticipation of next month’s listings.
Do you think Ethereum can stay afloat amidst the crypto market correction?
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