According to the Shahr-e-Bourse, the altcoin market has taken a heavy hit after Bitcoin’s price fell below the psychological level of $100,000 and has entered a critical phase. According to market data, the total value of altcoins has fallen from around $1.8 trillion in late October to $1.4 trillion, wiping $400 billion off the market value.
Major Cryptocurrency Drops
In the past 7 days, Ethereum has been trading at a price range of $3,200, down 8%. Ripple has also fallen 2% to $2.28. Binance Coin, the third-largest cryptocurrency by market cap, has fallen more than 6% and is currently trading around $932.
Other major cryptocurrencies such as Solana, Dogecoin, Cardano, Chainlink, and Hyperliquid have also followed a downward trend, falling more than 9% in the past week.
Technical Signs of a Continued Downtrend
A review of technical indicators shows that a large portion of altcoins listed on Binance are trading below their 200-day moving average, an indicator that often coincides with a bearish phase of the market.
On the other hand, the “Altcoin Season Index” published by CoinMarketCap is at 32 out of 100, indicating that a new bullish wave has not begun in this segment of the market.
Analysts’ Warning
Market experts believe that it is difficult to expect a return to the bullish trend in altcoins until Bitcoin stabilizes. Many analysts warn that the severe volatility in the Bitcoin market will face altcoins with more complex and damaging challenges.
