Altcoins In Trouble As Seasoned Analyst Predicts 40% Drop In Prices
Release: 2024/05/02 07:00 Reading: 679
Altcoins Headed for a 40% Crash
In the wake of Bitcoin's recent price decline, altcoins have experienced significant losses, leaving many investors in the red. This is not uncommon, as altcoins tend to exhibit higher volatility than Bitcoin, resulting in more pronounced price swings. While some anticipate a recovery, one analyst disagrees.
Altcoins to Plummet Further
In an analysis shared on X (formerly Twitter), renowned crypto analyst Benjamin Cowen presented a bearish outlook for altcoins. He predicts that the market has not yet reached its bottom and that further declines are imminent.
Cowen's analysis focuses on altcoin pairs against Bitcoin. He observes that these pairs are showing weakness against the leading cryptocurrency. This is attributed to anticipated rate cuts, which have historically led to altcoin declines.
Historical Precedent
Cowen cites the 2019 rate cuts and the subsequent plunge in altcoin prices against Bitcoin. Major altcoins experienced losses of up to 40% during that period. He suggests that history may repeat itself, leading to a similar 40% decline in ALT/BTC pairs over the coming months.
Thesis Unaffected by Short-Term Trends
Cowen emphasizes that his thesis remains valid, regardless of any short-term market recoveries. "Short-term countertrends do not invalidate this view," he states.
Altcoin Market Cap at Risk
If Cowen's prediction materializes, it could exacerbate the already challenging market conditions. The altcoin market capitalization has already dipped below $1 trillion, and a 40% decline could push it as low as $600 billion.
Impact on Individual Altcoins
While Bitcoin's crash has been severe, the impact on altcoins has been even more pronounced. Ethereum has weathered the storm relatively well with a decline of less than 4%, but others have suffered significant losses. Stacks (STX), Arweave (AR), Neo (NEO), and Sei (SEI) have all dropped an average of 9% in the past 24 hours.
Meme Coins and Market Winners
Meme coins have not been spared, with Dogecoin (DOGE) falling 6% to $0.126 and Pepe (PEPE) plummeting 7.74% to $0.0000063. Bonk (BONK) has lost 5% of its recent gains, while Shiba Inu (SHIB) has declined by 4.18%.
Despite the overall market downturn, some tokens have emerged as winners. Optimism (OP) has surged by 12%, Cosmos (ATOM) has gained 9.8%, and Starknet (STRK) has risen by 9%, according to data from Coinmarketcap.
src="/uploads/20240504/17148039936635d519776ac.png">
Recent news
More>- President Donald (PRESDON) Will Explode Over 15,000% Before Exchange Listings, While Shiba Inu and Dogecoin Lag 11-24
- Dogecoin Price Prediction for Today, November 23 – DOGE Technical Analysis 11-24
- Dogecoin Price Prediction for Today, November 23 – DOGE Technical Analysis 11-24
- Dogecoin (DOGE) Surges 19% as Hash Rate Hits Record High 11-24
- Solana Hits New ATH, As Pepe Surges 30% Amid Bull Market, Crypto Traders Eye New Meme Coin Going Viral After Video Release 11-24
- Dogecoin (DOGE) Bullish Streak is Awakening Shiba Inu (SHIB) Bulls: What’s Next? 11-24
- Top Meme Coins for December 2024: 5 Picks to Buy Before They Take Off! 11-23
- XRP Price Prediction: XRP Pumps 67% In A Week As Gary Gensler Plans SEC Exit, While Whales Swoop On Pepe Unchained Presale 11-23
- What’s Next for Crypto After Bitcoin Take $100k Price Level? Catzilla Coin Among 3 Altcoins Poised for Big Moves 11-23
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com