The market leader jumps back above the USD 38,000 mark on Saturday and altcoin prices are calming down after the turbulence of the past few days. Despite the recent recovery phase, the mega-crash has left its mark, leading to a loss of confidence for many investors. We take a look at the current market situation.
At the time of this writing, the leading cryptocurrency is trading at USD 38101, which is an upward trend of + 4.1%. After yesterday’s decline to USD 33,000, today’s recovery phase again shows enormous volatility across the market. The “digital gold” suffered a series of bad news this week. After Tesla’s BTC payment stop, China announced that it would take action against cryptos and mining. A trading volume of USD 80 billion reflects the unresolved market situation. Does the current recovery turn out to be the famous “calm before the storm”?
From a bullish point of view, the $ 38,000 level could mutate into a major support from which the bulls could launch new attacks on the breakthrough $ 40,000 barrier. Exceeding this limit would reinforce the signal that the mega-reset is a correction in the bull cycle. On the other hand, it is quite possible that BTC is pushed into the region again with $ 30,000 in another Dump.
Ethereum must include a Downward trend of -42.3% this week and say goodbye to the record areas of the last few weeks. After the focus of investors has shifted back to BitcoinThe Altcoins lose important market shares. With a market capitalization of USD 273 billion, Ethereum claims a market capitalization dominance of “only” 16.71%, and more and more indicators point to the end of the year Altcoin Season 2021. A comeback of the smart contract coin should not fail due to a lack of interest: In the last 24 hours there were ETH units worth 150 billion USD acted.
A look at the crypto charts shows that the altcoins are still struggling with the consequences of the mega-crash. In the top 30 charts, only theta (+ 6.5%) can trigger a counter-trend. Projects like Cardano (- 4.4%), BNB (- 7.3%) and XRP (- 13.7%) continue to suffer from the mass panic of recent years Days.
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