Top Reasons Why Altcoins Are Crashing Badly This Week 🔻
Bitcoin (BTC) fell over 2% to $65,100, its lowest in four weeks, dragging altcoins down. Crypto analyst Michaël van de Poppe ("Crypto Michaël") notes major altcoins dropped by over 40% in two weeks, with some on-chain altcoins plummeting by over 70%. He predicts a potential altcoin rally if Bitcoin dominance reverses.
Key Reasons for the Crash:
1. Uncertainty Surrounding Spot Ethereum ETFs: Despite SEC approval, delays in listing these ETFs have caused market confusion.
2. Macroeconomic Factors: Lower-than-expected U.S. inflation and a strong dollar, bolstered by ECB rate cuts, are pressuring the market. High interest rates and low liquidity environments are unfavorable for altcoins.
Potential Reversal:
Michaël is optimistic about a market rebound within 1-2 weeks, noting that a reversal in Bitcoin dominance could spark an altcoin rally. He also highlights the significance of key support levels for Ethereum against Bitcoin and the impact of macroeconomic indicators like dollar strength and US treasury bond yields.
Stay tuned for further updates on the altcoin market.
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