Bitcoin's price fell to $63,860, reaching its lowest level in the last two months. This decline brought to the agenda once again the uncertainties about whether the altcoin season, which analysts have been waiting for for months, will come or not. Currently, the total value of the altcoin market, excluding the top 10 altcoins, is around $213.364 billion. Famous crypto analyst Michael van de Poppe emphasizes that the current uncertainty is caused by several important events.$BTC
Recent fluctuations in stock markets cause investors to closely follow macroeconomic indicators. New economic data to be announced this week may affect market dynamics. Additionally, tensions between Israel and Gaza create additional uncertainty on markets. Geopolitical tensions can lead to changes in investor sentiment, triggering market volatility. The announcement of monthly closings and unemployment rate data also causes investors to be cautious.
Van de Poppe offers a positive perspective for Ethereum (ETH). He states that many altcoins are showing resistance and double bottom formations have emerged. These technical indicators indicate that there may be recovery opportunities in the cryptocurrency sector.
On the other hand, CryptoQuant founder Ki Young Ju observed that whales are making significant movements while waiting for the next altcoin season. Ju highlights the increased interest in altcoin trading in the last year. When this trend picks up, it reflects strong demand from whales; When it falls, it shows indifference. Some experts think that the current altcoin market is similar to the situation in late 2020 and early 2021. The fact that altcoin prices increased by 400% during this period makes some investors hopeful about a new altcoin rise.
Concerns about Bitcoin's Market Domination
But not everyone agrees. Crypto analyst Benjamin Cowen has warned that Bitcoin's market dominance could rise to 60% by the end of the year. He states that this situation may have negative effects on altcoins. Cowen reminds that altcoins can lose more value compared to Bitcoin, and a similar situation occurred in 2019 before the Federal Reserve cut interest rates. He predicts that this scenario could happen again.
Cryptocurrency markets continue to be affected by traditional financial indicators and geopolitical events. Bitcoin's price decline and signs of potential recovery in altcoins are creating uncertainty among investors. The moves of analysts and whales can offer clues about future market movements.
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I EXPLAIN IN DETAIL.
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