Amid the global market crash, even the decentralized crypto world faces significant heat. The total crypto market has dropped from $2.26T to a 24-hour low of $2.037T in the last four days.
Excluding Bitcoin and Ethereum, the altcoin market witnesses a nearly 10% drop in market cap from $637B to $579B in four days. With the global tensions on the rise, will altcoins continue to fall in the coming week? Let’s find out now in Coinpedia’s altcoin analysis.
Top Altcoins Crash To Crucial Levels
The top cryptocurrencies have witnessed a massive correction in the past seven days. Fueling the correction, the rising tensions between Israel, Iran, Lebanon, and the entire eastern Asia, along with the NATO countries, have led to a global market crash.
Amid the rising fear of the third world war, Bitcoin has corrected by 5.31% in the past seven days and is trading at $60,919. Further, Ethereum has declined by nearly 10% in the past seven days and is trading at $2,360.
Coming to the top altcoins, apart from Ethereum and stablecoins like USDT and USDC, Binance, Solano, XRP, Doge, and TON have witnessed a drop of roughly 10% in the past seven days, except TRX, which maintains a growth of 1.22%.
Surprisingly, Ripple leads the charge of the top losers with an 11.32% drop, followed by TON with a 9.10% drop.
ETH/BTC Price Fall
As ETH and BTC market value drops, the ETH slash BTC value takes a bearish turn, with a 2.04% drop on Tuesday followed by a 3.13% drop on Wednesday. The ETH/BTC price chart reveals a third consecutive bearish candle with an intraday drop of 0.54%.
The bearish reversal comes from a local resistance trend line and is testing the crucial support at 0.03850 BTC. However, the daily RSI line shows a bullish divergence, teasing a double-bottom reversal.
Furthermore, the intraday doji candle teases a morning star for a bull cycle to the overhead line. Hence, with a potential recovery in ETH against BTC, the altcoins are likely to make a comeback.
Will Altcoins Surge Back This Week?
The broader market sentiment will be a critical driving factor of the altcoin market this week. While the global markets are standing on thin eyes, the crypto market and the market share a similar fate.
A bullish comeback in altcoin will likely happen with a minor recovery in Bitcoin. Supporting this possibility, the BTC price is teasing a morning star pattern in the daily chart with an intraday gain of 0.59%.
Currently, the BTC price is trading near the $61,000 level after a massive crash. Nevertheless, with the morning star possibility, the altcoin market sentiment is likely to recover this week.
For insights on long-term ETH’s price, read our Ethereum (ETH) Price Prediction!
