The cryptocurrency market is currently focused on the total market capitalization of altcoins. Analyst Rekt Capital evaluated the potential for the altcoin market to surpass the critical resistance level of $425 billion. Compared to previous pullbacks, the current decline appears more limited. Bitcoin 
$94,669 has also tested $101,000 but may struggle to find support.
Altcoin Market Faces $425 Billion Resistance
In analyzing the overall outlook of the altcoin market, Rekt Capital highlighted the “OTHERS” index. This chart represents the total market value of assets outside the top ten cryptocurrencies. The analyst noted that the altcoin market has experienced a milder pullback compared to previous declines.
Although market capitalization recently faced a short-term drop, recovery signals are emerging. According to the analyst, it is possible for altcoins to surpass resistance levels. Breaking through the $425 billion threshold could boost bullish momentum for altcoins. However, fluctuations in the market may occur before this level is breached.
Bitcoin Tests $101,000
Rekt Capital stated that Bitcoin has reached $101,000 but has not formed strong support at this level. The analyst anticipates that Bitcoin may follow a sideways trend under the current market conditions. At the time of writing, Bitcoin is trading around $96,000.
Inability to hold at these levels may cause volatility in the altcoin market. Bitcoin’s direction will also influence the overall cryptocurrency market’s movement. A sustained move above $101,000 could trigger a new buying wave, but downward movements may pose risks for traders.
As Bitcoin and the altcoin market approach critical levels, investors are prompted to act cautiously. With uncertainty persisting in the market, careful attention is essential for investors. Cryptocurrency analyses provide valuable insights for predicting future movements.
