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COINTURK NEWS > Technical Analysis > Bitcoin Drop Affects Altcoin Market Dynamics
Technical Analysis

Bitcoin Drop Affects Altcoin Market Dynamics

In Brief

  • Bitcoin's price drop negatively affects the altcoin market.

  • Analysts predict potential rises for altcoin and ETH based on market dynamics.

  • BNB Coin is targeted for a potential recovery above $605.

İlayda Peker
İlayda Peker 8 months ago
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The decline in Bitcoin $104,127 prices today has led to a renewed drop in altcoins. Bitcoin has fallen to around $63,000, marking a $3,000 loss, while the decrease in altcoins appears normal. Analysts are focusing on what awaits the cryptocurrency markets as of September 30, particularly regarding BNB and ETH charts.

Contents
Comments on Altcoin and BNB CoinETH Price Prediction

Comments on Altcoin and BNB Coin

The recent drop in Bitcoin prices has significantly dampened morale for altcoin holders, as investors had hoped that the two-quarter nightmare was over. This latest pullback, which can undermine risk appetite, has resulted in larger losses for altcoins. Crypto Bullet shared a chart, questioning whether the anticipated rise period for altcoins has arrived.

The BTC.D chart illustrates Bitcoin’s market dominance relative to the total cryptocurrency market value. As Bitcoin’s dominance weakens, a rise in altcoins is expected. This is the main focus of the analysts.

ETH Price Prediction

Kyledoops highlighted Ethereum $2,578 in a recent evaluation, focusing on the increase in open positions in futures trading for the largest altcoin by market value. With a $2.12 billion influx in August, these positions reached $9.2 billion, leading to a 30% increase in spot prices.

According to the analyst, since we have not yet seen the massive influx’s impact on spot prices, further increases in ETH prices are possible.

Tony noted that the expectation for an upward trend continues due to the maintenance of the $2,550 level, with ETH currently priced at $2,621.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 30 September, 2024 - 5:39 pm 30 September, 2024 - 5:39 pm
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