After falling more than 6% over the past 24 hours, the total cryptocurrency market capitalization stabilized at around $2.44 trillion on Wednesday. A healthy correction in the cryptocurrency market has provided investors with several opportunities to buy the dip, led by Bitcoin (BTC) and Ethereum (ETH).
However, depending on today's interest rate data from the US Federal Reserve, the cryptocurrency market could continue to experience further losses in the coming days. From a technical perspective, Bitcoin price could fall to the next support range between $56,251 and $60,279, which coincides with the 0.5 and 0.382 Fibonacci retracement levels.
Top Altcoins to Watch
As Bitcoin's price fell to a two-week low below $62,000 on Tuesday, online analytics platform Santiment noted that some altcoins represent a potential bullish opportunity. Using the Model of Opportunity and Void Zones (MVRV), Santiment highlighted that several altcoins have fallen so low that they are in an opportunity zone.
Some of the altcoins in the Opportunity Zone include Lido DAO (LDO), OMG Network (OMG), Storj (STORJ), Synthetix Network (SNX), and $BOUNCE.
“In a zero-sum game like cryptocurrency, projects with minimal returns relative to the rest of the sector have a higher likelihood of a stronger recovery for those willing to buy the projects that traders are hurting the most,” Santiment noted. .
It's Time to Be Aggressively Bullish on Altcoins
Following the historic success of its Bitcoin Spot ETF, BlackRock is now focused on offering Ethereum-based products to its clients. BlackRock recently tokenized $100 million on the Ethereum network despite the ongoing market correction, according to network data.
