🩸Top Reasons Why the Market is Crashing 🩸
Bitcoin (BTC) fell over 2% to $65,100, its lowest in four weeks, dragging altcoins down. Altcoins dropped by over 20% in two weeks, with some on-chain altcoins plummeting by over 30%. I am predicting a potential altcoin rally if Bitcoin dominance reverses.
Key Reasons for the Crash:
↘️Uncertainty Surrounding Spot Ethereum ETFs: Despite SEC approval, delays in listing these ETFs have caused market confusion.
↘️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:
I am 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.
