Crypto Market News: BTC and ETH Remain Stagnant While Some Altcoins Try Hard to Explode
Release: 2024/08/27 13:44 Reading: 352
Crypto Market News: BTC and ETH Plateau, Altcoins Gain Traction
The cryptocurrency markets are currently experiencing a bullish trend, poised to surpass interim resistance levels. However, the bullish momentum has waned, allowing bears to recoup profits.
Bitcoin's price has declined, approaching the crucial support at $63,000, while Ethereum's price tests the pivotal zone around $2,682. Nonetheless, several altcoins are exhibiting strength.
Helium (HNT) and Akash Network (AKT) lead the altcoin surge, gaining over 10% and 12%, respectively. Klaytn (KLAY) also follows this trend.
Conversely, Notcoin (NOT) suffers a significant drop of over 10%, followed by ORDI (ORDI) at 7.2%, Worldcoin (WLD) at 7.14%, Toncoin (TON) at 7.13%, and Pepe (PEPE) at 6.37%. Memecoin investments have also experienced notable losses.
Despite the bears' attempts to suppress the market, historical patterns indicate that altcoins may face further pressure.
BTC Dominance and Altcoin Outlook
Analyst Stockmoney Lizards observes a rising BTC dominance, which is expected to continue. This may result in a contraction in altcoin value, as depicted in the provided chart. After BTC dominance reaches 60%-70%, altcoins are forecast to experience a surge, initiating an "Altseason." The analyst predicts the dominance peak in early 2025, followed by a potential market crash. This may coincide with BTC setting a new ATH above $100K.
Market Outlook
With the monthly trading period nearing its end, significant trend shifts are possible. Technically, altcoins are expected to maintain consolidation above crucial support levels. Major price fluctuations are unlikely in the coming days as the crypto markets approach a narrow monthly close.
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