Over the past 30 days, Bitcoin and Ethereum have both seen declines, dropping by 1.7% and 11.8%, respectively. Meanwhile, a closer look at the total crypto market cap (excluding the top 10) reveals that Altcoins have been gaining dominance. Renowned crypto analyst Michaël van de Poppe recently shared insights into these market shifts in a post on X (formerly Twitter).
Let’s explore his key observations and their potential impact on the market.
Bitcoin Nears Critical Support Levels
According to Michaël van de Poppe, Bitcoin’s current price action is not surprising. He points out that the market is approaching a critical higher low, emphasizing the importance of the $57,000 support level. He advises Bitcoin investors to closely watch if this level holds, as it could influence the next major price movement.
At present, the Bitcoin price remains at $59,030. On September 6, the price was as low as $53,983. Supported by the buying pressure gained by the market on September 7, the market moved strongly upwards until September 13, even breaking the important level of $60,000. Interestingly, in the last seven days, the Bitcoin market has witnessed a rise of +3.1%.
The upward momentum in Bitcoin is clear, but van de Poppe stresses that holding above the $57,000 level is crucial. If Bitcoin falls below this support, the market could lose its bullish outlook, potentially leading to further declines. Investors should keep an eye on this key level to gauge where the market may head next.
Altcoins Steal the Spotlight
While Bitcoin has faced challenges, Altcoins have been showing strength. Van de Poppe’s post highlights the increase in Altcoin activity, with some projects seeing significant gains. The Crypto Total Market Cap Excluding Top 10 Dominance chart shows Altcoin dominance rising from 9.57% on September 5 to a peak of 9.77% by September 10.
Ethereum has experienced a 0.2% rise over the last 24 hours, with other prominent Altcoins also seeing gains: Solana (+1.0%), XRP (+2.3%), Lido Staked Ether (+0.4%), TRON (+0.6%), AVAX (+0.6%), and WSTETH (+0.6%).
Ethereum’s price currently stands at $2,310, having hit a monthly peak of $2,438 on September 13. The coin saw strong momentum between September 7 and 13 but faced a sharp drop on September 15. Despite this, buyers remain in control of the market, hinting at the potential for further upward movement.
A Critical Phase for Cryptocurrencies
In conclusion, Michaël van de Poppe highlights that the crypto market is at a pivotal point. Bitcoin’s ability to hold its support levels and the rising dominance of Altcoins suggest that this is a crucial time for investors to stay vigilant.
The next few days could bring key opportunities and risks!
Also Check Out: FOMC Meeting & US Interest Rate Cut: What Crypto Investors Should Expect
