Altcoins, meme coins, and layer-1 cryptos face price swings amid Bitcoin stability concerns.
Bitcoin is struggling to maintain crucial support at $63,500.
The latest update from the cryptocurrency market shows a slight uptick in global crypto activity, albeit with some notable declines. The overall market capitalization dipped by 1.79%, to $2.33 trillion, and a 19.83% decrease in total trading volume, now at $63.56 billion.
Bitcoin is facing challenges in maintaining support levels after its fourth halving on April 20, particularly struggling around the $62,700 to $63,500 mark. While Bitcoin grapples with stability, attention has turned to altcoins, with memecoins and layer-1 cryptocurrencies leading the charge to outperform Bitcoin over the past month. This shift has sparked discussions among traders about the potential onset of an altcoin season.
Market Watchers
Over the past month, the altcoin market has witnessed significant value growth, particularly amid concerns about Bitcoin’s halving. However, today, major altcoins experienced a decline in their values, suggesting a potential reversal or consolidation in the market.
Ethereum (ETH), the second-largest cryptocurrency, is encountering resistance in breaching the $3,150 zone, while BNB and Solana have experienced 3% and 5% declines in their respective prices over the last 24 hours.
The frenzy surrounding meme coins, which has captured the attention of the entire market, has also encountered a substantial decline in prices. Prominent meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE are among those experiencing significant drops in value.