The altcoin market cap, which has reached a recent low, may face another major drop.
The altcoin market capitalization (TOTAL2), which was $ 546 billion, broke down and hung up to $ 503 billion. Supported by this value for now, TOTAL2 is currently hovering at $514 billion. However, the value of 490 billion dollars in the market, which was a solid support and resistance point in the previous processes, was seriously approached. If the declines continue, this level, which is expected to be tested, will increase bear sounds in the altcoin market in the scenario where it is broken down.
What Does the Data Show?
TOTAL2, which could not hold on to $ 550 billion, came hard to $ 503 billion. Altcoins, which collapsed after institutions left most of the altcoins, also shook the market value. If TOTAL2, which has been testing the bottom since the beginning of March, fails to protect $490 billion, then the crypto industry may enter another process.
The values that must be exceeded in order to turn the route up in altcoins are 546 – 593 and 613 billion dollars, respectively. The continuation of the fud news in the market, the tight attitude of the regulators and the continued liquidity problems in the exchanges may reduce TOTAL2 to 490 – 466 and 430 billion dollars, respectively.
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