The post Crypto Market Analysis: Are Altcoins Set to Dominate as Bitcoin Struggles? appeared first on Coinpedia Fintech News
In the last 30 days, the top two cryptocurrencies, Bitcoin and Ethereum, have suffered drops of 1.7% and 11.8%, respectively. Analysing the crypto total market cap excluding top ten dominance chart, it is evident that in the recent past, Altcoins have marked a sharp rise in dominance. A post published by Michael van de Poppe on X sheds more light on the present crypto market conditions. Let’s explore his observations. Ready?
Bitcoin’s Market Behaviour
From the post, we can assume that the expert is not surprised by the way the Bitcoin market is behaving right now. As per his belief, the market is currently very close to a higher low. In his post, he highlights the importance of the level of $57k. He advises BTC enthusiasts to watch whether the level will hold as support or not.
#Bitcoin is doing what it's doing, as always.I think we're close to a higher low on the markets and would appreciate whether $57K holds as support.Key level, some #altcoins like $TIA are already waking up. pic.twitter.com/wbC0L51oXv
— Michaël van de Poppe (@CryptoMichNL) September 17, 2024
At present, the Bitcoin price remains at $59,030. On September 6, the price was as low as $53,983. Supported by the buying pressure gained by the market on September 7, the market moved strongly upwards until September 13, even breaking the important level of $60,000. Interestingly, in the last seven days, the Bitcoin market has witnessed a rise of +3.1%.
Looking at the chart, it is clear that the price is moving upwards. Considering the inferences provided by the post, if the price loses its momentum, it needs to stay above the $57k level to ensure that the market remains in a potential bullish environment.
Altcoin Showing Activity
The post draws investors’ attention to Altcoins. It highlights the sudden rise in activities of certain Altcoins. Analyzing the Crypto Total Market Cap Excluding Top 10 Dominance chart, it is evident that in the recent past, the Altcoin market has seen a sharp rise in dominance. On September 5, the dominance was just 9.57%, but by September 10 it reached a peak of 9.77%. Ethereum has seen a 24 hour change of 0.2%. Other prominent Altcoins that have witnessed a 24-hour rise include Solana (1.0%), XRP (2.3%), Lido Staked Ether (0.4%), TRON (0.6%), AVAX (0.6%), and WSTETH (0.6%).
The price of Ethereum stands at $2,310. On September 13, it touched a monthly peak of $2,438. Between September 7 and 13, it experienced a strong upward momentum, although it later lost momentum with a sharp fall on September 15. Currently, buyers dominate the market.
In conclusion, what Michael attempts to convey is simple: at present, the entire cryptocurrency is in a crucial stage, so it is important to closely observe the price movements of the top cryptocurrencies like Bitcoin.
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