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The reason Why Altcoins Are Crashing? Here Are the Top Reasons appeared first on Coinpedia Fintech News
What seemed like a promising week for crypto turned sour as Bitcoin (BTC) dropped to its lowest price in four weeks, falling over 2% to $65,100 during the U.S. trading session from around $67,000. Over the past seven days, BTC has seen a 7.5% decline. When Bitcoin prices drop, other cryptocurrencies, known as altcoins, often follow. 
Analyzing the catastrophic event, Crypto analyst Michaël van de Poppe, known as “Crypto Michaël,” has analyzed the crash in altcoin prices and provided insights into the cryptocurrency market’s future. He noted that major altcoins have dropped by over 40% in the past two weeks, with on-chain altcoins plummeting by over 70%. He also highlighted the impact of Bitcoin dominance on altcoins, predicting a reversal in Bitcoin dominance could signal a new altcoin rally.
Many in the crypto sphere are questioning why altcoins are crashing so significantly.
We’ve got some answers for you.
Uncertainty Surrounding Spot Ethereum ETFs
One of the primary reasons for the current crash, according to Michaël, is the uncertainty surrounding spot Ethereum ETFs in the U.S. Although approved by the SEC, these ETFs are not yet listed, causing confusion and affecting market sentiment. Michaël explained the two-part approval process involving 19b-4 forms (covering technical details and SEC compliance) and S1 forms (related to listing on exchanges). The delay in listing has contributed to downward pressure on the market.
Michaël believes that once spot Ethereum ETFs are listed, Ethereum could be classified as a commodity similar to Bitcoin. This classification could attract increased institutional investment and wider acceptance of Ethereum and other cryptocurrencies.
Macroeconomic Factors and Market Impact
Michaël noted that lower-than-expected U.S. inflation initially suggested a potential halt in Fed rate hikes, but the Fed’s hawkish stance maintains uncertainty. Altcoins thrive in low interest rates, and high liquidity environments, which are currently lacking. A strong dollar, bolstered by recent ECB rate cuts, is also pressuring the crypto market.
Is a Reversal on the Cards?
Despite the current negative sentiment, there are signs of a potential rebound. Michaël is optimistic about a market reversal, in the next 1-2 weeks. He also emphasizes the importance of Bitcoin’s dominance on altcoins, as altcoins are underperforming due to its high dominance. A reversal in Bitcoin dominance could signal a new altcoin rally.
Key Support Levels
Michaël highlighted key support levels for Ethereum against Bitcoin, emphasizing their significance for potential reversal. However, he also noted that macroeconomic indicators like dollar strength and US treasury bond yields affect market movements.
Only time will tell if the altcoin market rebounds or if this is a sign of a more significant shift. Stay tuned for further updates!
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The post Ripple CEO Blasts Market for Ignoring XRP, Analyst Predicts Price Explosion to $1000 appeared first on Coinpedia Fintech News
Ripple CEO Brad Garlinghouse has voiced his frustration over the lack of recognition for XRP in the crypto market. In spite of its regulatory clarity in the U.S., XRP’s value below $0.5 sparks frustration and negative sentiments, with some calling it a “dead coin”. 
This frustration arises from XRP’s status as one of the worst-performing crypto assets in the current bull market. 
Ripple CEO’s Question XRP’s Position
In a recent interview at the XRP Ledger Apex conference, Brad Garlinghouse highlighted XRP’s distinct regulatory advantage. Unlike many other cryptocurrencies, XRP is one of the few in the U.S. that has been definitively ruled not to be a security. 
After the court ruling in July 2023, XRP’s price soared by over 100% within 24 hours, reaching a peak of $0.93. However, this spike was short-lived, and XRP’s value has since fallen from its July high.
Despite being relisted on major U.S. exchanges like Coinbase, Gemini, Crypto.com, and Kraken, as well as being reinstated in Grayscale’s investment products, XRP’s value has since dropped by approximately 50%.
Garlinghouse expressed his surprise that the market hasn’t rewarded XRP for its regulatory clarity. He differs XRP’s position with Ethereum (ETH), which still faces regulatory uncertainty. “I think it’s strange that XRP is in such a unique position, and the market hasn’t kind of rewarded it.”
XRP Journey From $1 to $1000
Notably, Pro-XRP crypto commentator BarriC recently shared his thoughts on XRP’s potential, suggesting that its current underperformance is only temporary. He predicts that when XRP regains the $1 price point it lost three years ago, the community’s reaction will likely be quiet.
$XRP at $0.51 = frustration, it’s a joke, it’s dead$XRP at $1 = it’s only $1?! Let me buy more meme coins$XRP at $3 = pathetic ATH $XRP at $5 = confusion from the masses. Why is it starting to move?$XRP at $10 = FOMO starts manifesting, people will still be in denial…
— BarriC (@B_arri_C) June 13, 2024
Till the time XRP nears $5, BarriC believes that the fear of missing out (FOMO) won’t truly kick in until it hits $10.
At the $100 mark, he argues, people will start to see XRP’s utility in payments and real-world asset (RWA) tokenization, which will drive more investment interest. Finally, if XRP reaches $1,000, BarriC speculates that the crypto community will view XRP as essential, with people even saving up to buy one XRP at that price.