As of yesterday, the negative news has seriously shaken Bitcoin (BTC), currently market analysis for altcoins.
In recent days, the bearish scenario had begun as BTC could not find enough buyers in the crypto market. In particular, the lawsuit against KuCoin, which came as of yesterday, the Silicon Valley Bank issue and the scandalous collapse of the Huobi Token have really shaken the crypto money market. With the fall below the $20,000 level on the BTC side, support levels were tested on the altcoins basis.
Dominance Analysis, What is the Latest Situation for Altcoins?
With BTC slumping below $20,000, major movements were also observed for the Dominance level. Currently, the dominance, which has received support at the level of 42.81 percent, has taken action again to the level of 43.10. With the BTC dominance level exceeding 43.10, decreases can be observed on the basis of altcoins. For the altcoin market to revive, the dominance level can be seen to reach 42.81 again.
Altcoin Market Cap Analysis
When we look at the altcoin market value, it is seen that $132 billion has functioned as a peak and started to decline. With the downside breakout of the $100.86 billion market cap that recently acted as support, the $93.34 billion market cap could act as support. Looking at the possible bullish scenario, the market cap of 100.86 billion dollars can be exceeded and the target of 107.62 billion dollars market value can be followed.
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