The post Altcoins on the Verge of a Major Correction as Bitcoin Dominance Surges appeared first on Coinpedia Fintech News
The global cryptocurrency market is buzzing with anticipation as Bitcoin dominance approaches the critical 50% resistance level. With this pivotal moment looming, market experts are predicting a potential bloodbath for Altcoins, while astute investors eagerly seek out opportunities to maximize their gains in the upcoming bull market.
Understanding the technical indicators and recent market movements provides essential insights into the possible outcome of this monumental event. Read on for more details!
Bitcoin Market Analysis
Bitcoin, the largest and most renowned cryptocurrency, currently holds a market cap of $484 billion. Over the last 24 hours, Bitcoin’s value has experienced a slight decrease of 3.75%, reflecting a BTC live price of $25,012.90 per BTC. Various technical indicators further indicate the potential for increased market volatility.
The Relative Strength Index (RSI) stands at 35, showing a bearish sentiment, while the Stochastic %K indicates oversold conditions at 14. The Commodity Channel Index (CCI) is at -167, suggesting a strong downward pressure on prices. These indicators, coupled with others, present a cautious outlook for Bitcoin in the short term.
Altcoins’ Fate Hangs in the Balance
Altcoins, the alternative cryptocurrencies to Bitcoin, face an uncertain future as Bitcoin dominance approaches the critical 50% resistance level. A crypto enthusiast highlights the possibility of a bloodbath for altcoins should Bitcoin successfully break this resistance.
#Bitcoin dominance is entering the resistance zone at 50%.
— Evca Wolf (@evcawolfCZ) June 14, 2023
Ethereum, the second-largest cryptocurrency by market cap, currently stands at $197.82 billion. It has experienced a recent decline of 5.53%, with an ETH live price of $1,645.48 per ETH. Similar to Bitcoin, Etehreum’s technical analysis exhibits bearish indicators, including a low RSI at 29.7 and a negative CCI at -194.5. These metrics suggest a potential price decline in the near future.
Cardano (ADA), another prominent altcoin, is currently valued at $9.61 billion, with an ADA live price of $0.2753236 per ADA. Over the past 24 hours, Cardano has seen a decrease of 2.77%. Its technical analysis indicates a bearish sentiment as well, with indicators such as a low RSI (19.3818) and negative CCI (-114.6770).
These factors reinforce the notion that altcoins, including Ethereum and Cardano, could face significant downward pressure if Bitcoin successfully breaches the 50% resistance level.
While the approaching bloodbath for altcoins may seem daunting, it also presents an opportunity for discerning investors. The imminent decline in altcoin prices may serve as a buying opportunity for those looking to capitalize on the next bull market. Selecting altcoins with strong fundamentals, innovative technologies, and robust development teams could yield substantial returns once market conditions stabilize.
In short, as Bitcoin dominance tests the critical 50% resistance level, the cryptocurrency market stands on the cusp of significant fluctuations. Altcoins, including Ethereum and Cardano, face the prospect of a bloodbath should Bitcoin break this resistance. However, for investors willing to embrace the volatility, this phase presents opportunities to strategically invest in promising altcoins.