Date: Sat, August 03, 2024, 03:49 AM GMT
This week, the cryptocurrency market experienced a significant downturn, with major cryptocurrencies and altcoins taking a heavy hit. Notcoin, Worldcoin, and Pyth Network were among the top altcoins that saw substantial double-digit declines in the past 7 days. The total altcoin market cap has dropped from $1.15T to the current $1.01T in the past 7 days, showing a major sell-off. Both Bitcoin and Ethereum have also been affected, each falling by over 8%, respectively, in the past 7 days.
Altcoins Performance in Last 7 Days:
- Notcoin (NOT): Down by 18.46%
- Jasmycoin (JASMY): Declined by 12.42%
- Pyth Network (PYTH): Down by 22.48%
Here’s Why Top Altcoins are Down:
Bitcoin Failed to Give Breakout:
Recently on 29 July, Bitcoin had the opportunity to break out from a Bull Flag—a bullish continuation pattern, normally indicating further price increases. Despite the optimism presented in this technical setup, the price of Bitcoin couldn’t break through the crucial resistance level of $71K, but pulled back to $63,500, instead of an upward surge toward $80K. This inability to break out of the level has cast some uncertainty into the market, which in turn affected the prices of altcoins.
Meanwhile, there are other multiple factors that lead the bitcoin and crypto markets to take a downturn, like Mt. Gox Bitcoin repayments to its creditors, geopolitical tensions between Iran and Israel, and recent sell-offs in global market indices.
What’s Ahead?
If we focus on the Bitcoin (BTC) chart, there is minor support at $60K, a crucial level to watch. If BTC can bounce back from this support, we might see a recovery. However, if it fails to hold this level, the price could drop to around $53,643, likely causing altcoins to dip further.
It will be worth watching out for the activity of the market to see how it goes from here. Keep your eyes on the global market, which could impact the crypto market prices this week.
Disclaimer: This article reflects author’s personal views and interpretations of the current market situation. It is not intended as financial advice. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.
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