Mon, February 06, 2023

BTC and Altcoins: Market Recovery or Despair?


BTC and altcoins: Sales pressure in the global crypto market showed no signs of stopping; The total market capitalization of the cryptocurrency fell to $1.51 trillion on January 22. It is worth noting that it was $2 trillion last week. The price of Bitcoin fell to 35 thousand dollars. Ethereum dropped to $2300 from the $40K and $3K levels seven days back. The new week seems to ruin the last loss; Bitcoin reported small gains, and altcoins appear to rise.

The total volume of the crypto market in the last 24 hours amounted to 108.76 billion dollars. In total, it decreased by 27.20% compared to the previous day. DeFi’s total volume was $16.46 billion. The capital of other global crypto markets is finally over $1.67 trillion. This figure increased by 3.05% on the last day.

BTC gained 1% and traded at $35,695.83. Ethereum grew 2.75% in the last 24 hours; Finally, It finished the position at $2500. The first two assets represented a decent price increase; It was a relief for market participants after a rather drastic action. However, the highest gainers were altcoins such as Shiba Inu, which gained 17.93% of the price; Terra, which rose 12.58%; and Cosmos, which increased 11.32% in 24 hours.

BTC and Altcoins

When altcoins get more robust and bitcoin makes a slight profit; The market finally felt optimistic about the coin trajectory. However, is this a natural recovery or another rigging that will further losses? Although it only makes sense to be confident about further achievements; The market reflects a kind of recovery; Is recovery really in play if it’s just a desperate dead cat jump?

In finance, the jump of a dead cat is used to describe a brief fall. It usually appears in a small stock, following a trend of constant decline in prices. At first, it seems that the fall in prices reverses the prevailing direction; However, it will quickly continue the downward trend in prices. In the case of Bitcoin, the theory of the return of a dead cat reappeared after the recent recovery of digital currency. However, given the negative financing rate of the asset, it was clear that traders were expecting lower prices.

Although the consolidation of Bitcoin may affect the distance of Altcoins from BTC; Also in favor of a more significant market trajectory; It will not be surprising if further losses follow this. Part of the analysts expects the coming fall levels for BTC to be $32K; Next is 30K dollars.



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