In the recent past, altcoin prices have plummeted due to volatility in the cryptocurrency space. Generally, as historical data shows, if the largest cryptocurrency Bitcoin (BTC) drops 1 percent, altcoins tend to fall 10 percent. That’s why now when Bitcoin is more than 60 percent below its all-time high (ATH), major altcoins are lagging over 90 percent from their highs. Therefore, according to some, the current situation may present a good buying opportunity.
Are deeper dips coming for altcoin prices?
Currently, the majority of Bitcoin and altcoins seem to be quite volatile and hence a huge bearish sentiment to the downside. The altcoin index, which sparked the downtrend just before the LUNA/UST crisis, had been testing low support levels for several days, but the current bearish price has dragged it below the support zone. That’s why right now, most altcoins could drop another 20 percent to 25 percent, according to il Capo Of Crypto, a renowned analyst.
Therefore, according to experts, most of the altcoins will fall another 25 percent. While you’re getting ready, this can be a pretty good time to save at discounted prices. However, ETH price is expected to bounce a bit, which could cause significant momentum in altcoins. On the other hand, experts like Sahana Vibhute argue that if these tokens start a strong recovery from lower support, a strong uptrend can be entered.
Which altcoins to watch?
According to the expert, therefore, the altcoins to watch closely in the coming times are Ethereum (ETH), Cardano (ADA), Ripple (XRP), Avalanche (AVAX), Fantom (FTM), Apecoin (APE), Decentraland (MANA) can be seen as The SandBox (SAND). Meanwhile, Polkadot (DOY) rose 7 percent, with most of the major market cap altcoins on the red board with slight dips. Bitcoin is trading close to $30,000. As we reported as
Kriptokoin.com, Bitcoin calmed down just below and around the $30,000 level after the last major volatility that brought it to lows. Most altcoins are pretty stagnant on a daily scale, with a few exceptions like Polkadot, Bitcoin Cash, and Monero.
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