Altcoins
Here’s What the Market Needs to See an Altcoin Season
Bitcoin’s price drop is usually met with both concern and celebration, but the latest cases were just the former.
Altcoins’ reliance on Bitcoin weakened them, leading to the failure of the Altcoin season.
Where is Bitcoin located?
Bitcoin price has dropped sharply The stock price has fallen 4% in the last 24 hours, reaching $54,300. The drop below $55,000 is causing concern among investors, as this level represents the last significant support before a potential drop to $50,900.
This $50,900 target fits the double top pattern seen in March and July, indicating a possible further 8% decline.
Bitcoin Price Analysis. Source: TradingView
Despite this, there is still hope for a rebound. If Bitcoin manages to recover and reestablish the $55,000 support level, it could pave the way for the price to rally to $58,800.
Nevertheless, the drop has impacted BTC’s market dominance, albeit very slightly. Currently, BTC accounts for 54.64% of the total cryptocurrency market cap. Despite the drop, 54.64% remains bearish on altcoins.
Learn more: Top 12 Altcoin Exchanges for Cryptocurrency Trading in July 2024
This will probably extend the Altcoin season is herepushing it back to October, when macro-financial conditions in the markets improve.
Altcoin season is far away
According to Altcoin Season According to the index, the market is currently experiencing Bitcoin season. Typically, when 75% of the top 50 altcoins, excluding stablecoins, are outperforming BTC, an altcoin season is considered active.
However, this is not the case right now. The last few weeks have been terrible for altcoins just as much as they have been for BTC. As a result, the market is I haven’t even attended an Altcoin month right now, let alone a season.
Learn more: What are the best altcoins to invest in July 2024?
So, the entire market would need to improve for altcoins to dominate the crypto space and outperform Bitcoin.
Disclaimer
In accordance with the Trust Project This price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.