Let the data speak: Pay attention to the decline of the copycat. Once the copycat does not follow the decline, it will be the time for the market's short-term sentiment to reverse! Recommended reading: ★★★★
There is nothing much to say about today's data. Compared with yesterday, the overall market still fell collectively, but the focus of our data today is on the altcoins. The altcoin market is often a barometer of crypto market risk preference. Once the altcoins do not fall with the market, sentiment will often rebound in the short term.
Compared with yesterday's overall market value drop of 100 billion, more than half of it came from Bitcoin itself. In terms of market share, Bitcoin decreased slightly by 0.2%, Ethereum increased by 0.1%, altcoin decreased by 0.11%, and stablecoin increased by 0.21. From the market share, it can be seen that as Bitcoin continues to fluctuate and fall, the decline of Ethereum and altcoins is decreasing.
In terms of trading volume, the growth rate of altcoin trading volume during the decline was relatively small, only about 3.1 billion. Overall, altcoin trading volume gradually shrank during the decline, and the decline was weakened, which also means that the market's risk preference has gradually changed. Once Bitcoin continues to fall, altcoins no longer follow the decline, indicating that traders have already assessed the market to be in place or are waiting and watching, which is the so-called decline. Once this sentiment stabilizes and fluctuates for a period of time, the short-term sentiment will inevitably rebound. Of course, how long the rebound will last depends on the overall market situation.
At present, the decline of cottage industry is gradually slowing down.
In terms of funds, the total market value of stablecoins remained unchanged at 162 billion, the market value of USDC increased by 326 million, and the market value of USDC decreased by 97 million. USDT funds did not flow in, which may be temporarily retained in the market after the transaction ended. After all, the overall market is in a downward state. Based on the market value of USDT and USDC, 229 million funds have left the market.
The weekend is approaching and market liquidity will further decrease. Although we don’t need to expect the altcoins to recover over the weekend, as long as they don’t continue to fall, stabilization is a good thing. Next week, if Bitcoin continues to move towards 60,000, as long as the decline of the altcoins continues to weaken, the market sentiment will reverse to an oversold rebound during the continuous decline.
PS: The fact that copycats are gradually not following the decline does not mean that I will see a direct rise in the market. There may be a short-term rebound sentiment. The general trend still depends on how the PCE data next week will bring liquidity to the market. The above is a personal opinion and I do not accept rights protection.
#BTC走勢分析 #ETH🔥🔥🔥🔥 $BTC
