Altcoins
Bitcoin hits new low, altcoins start new rally
As Bitcoin struggles to stabilizes around $56,600 After briefly dropping to $53,500, crypto analysts are making bold predictions that could get investors excited. With speculation that Bitcoin has bottomed out and the Ethereum ETF about to launch, altcoins are poised for a major surge.
The crypto analyst claims that Bitcoin’s final bottom is between $52,000 and $54,000. Despite the recent volatility, this range is expected to mark the end of Bitcoin’s downtrend. This prediction comes at a time when many investors are uncertain about Bitcoin’s short-term future, making it a crucial moment for market watchers.
Ethereum ETF Launched to Boost Altcoins
The next Ethereum ETF Launched is expected to have a significant impact on the cryptocurrency market by attracting a wave of institutional investment. This move is expected to provide a significant boost not only to Ethereum but also to other altcoins.
As these assets gain more attention and investment, their prices could see notable upward movements.
However, looking at the performance of the top 50 non-stablecoins altcoins reveal A mixed picture, only seven tokens registered gains, while around 13 managed to outperform Bitcoin. However, five of these tokens suffered losses, highlighting the volatile nature of the market despite positive indicators.
Bitcoin Dominance Is Falling Sharply
Bitcoin dominance has been steadily increasing since the beginning of the year, following a clear upward trend. However, the cryptocurrency market’s performance in late June and early July disrupted this trend, causing BTC.D to slide below its previous uptrend line.
The current cryptocurrency price crash has left many BTCs without buyers, mostly accumulating in over-the-counter (OTC) reserves. OTC transactions are crucial to calculating institutional interest, and the current collapse in these transactions suggests a decline in institutional enthusiasm to buy Bitcoin.
Currently, Bitcoin dominance stands at 54.80%, having fallen by more than 2% in just 24 hours. This decline has sparked speculation among observers that the start of an altcoin season could be underway.
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