The cryptocurrency market has been swinging between gains and losses recently, and this week could play a crucial role in setting the direction for what’s next, especially for altcoins and stablecoins.
At the time of writing, the total crypto market cap stands at $3.27 trillion, down 1.72% over the last 24 hours. Most coins are in the red today. Bitcoin is down 1.74% in the last 24 hours, now trading at $105,036. Ethereum has dropped 2.09% to $2,525. XRP and Solana have fallen 3%. BNB also slid and Dogecoin lost 1.75%.
One market analyst said that altcoins recently went through a rally, followed by a cooling-off phase. He compared the current trend to what happened in late 2023, when altcoins paused after an initial surge, then rallied again a couple of months later.
A similar pattern could be playing out now, with altcoins possibly consolidating for another 1-2 weeks before a breakout.
Bitcoin is holding above $105,000 despite some pullbacks. Analysts say that while the price dipped, it’s still following an overall upward trend.
If Bitcoin drops below $103,000, however, a deeper correction could follow. Ethereum is currently trading near $2,500, and as long as it stays above $2,400, analysts believe there’s little reason to panic.
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