- Benjamin Cowen revealed that he believed that altcoins could still drop by 40%-50% against BTC.
- BTC’s dominance stood at 48.54% after it increased by 0.27% over the past 24 hours.
- The total altcoin market cap was resting on the crucial support level at $575.048 billion at press time.
The CEO and co-founder of Into The Cryptoverse, Benjamin Cowen, predicted on Twitter earlier today that the “altcoin reckoning” is not over yet. Cowen also forecasted that altcoins may drop 40%-50% against the crypto market leader Bitcoin (BTC).
With regards to what happened to the cryptocurrency market over the past 24 hours of trading, CoinMarketCap indicated that BTC’s dominance stood at 48.54% at press time. This was a 0.27% increase over the past day of trading.
Additionally, the majority of the top 10 altcoins by market cap saw their price decrease over the past 24 hours. Meanwhile, the largest altcoin by market cap, Ethereum (ETH), was trading hands at $1,874.28 after its price fell by 0.96%.
Ripple (XRP) and Solana (SOL) both saw their prices drop by more than 3% over the past 24 hours. Consequently, these cryptos were worth about $0.7414 and $24.74 respectively. Dogecoin (DOGE) only saw its price drop by 0.60%. Despite this, the meme coin’s weekly performance was still up by 1.68%.
The total altcoin market cap was resting on the crucial support level at $575.048 billion at press time, which was also the same level as the 20-day EMA line. This was after it had broken below the 9-day EMA line in yesterday’s trading session.
A daily close today below the $575.048 billion support will result in the total altcoin market cap dropping below a positive trend line that had formed over the past weeks. This may then put the total at risk of dropping to the next support level at $551.698 billion in the following week.
On the other hand, the altcoin market cap may attempt to climb to $602.476 billion if it is able to close the next 2 daily candles above $575.048 billion. Continued bullish momentum may also result in the total flipping the $602.476 resistance into support.
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