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Bitcoin (BTC) 
$104,695 is hovering around $96,000, while altcoins are increasingly painted red. Ether has dropped to $2,600, leaving traders unimpressed as they approach the weekend. Discussions surrounding additional tariffs on countries trading with Trump have added pressure to risk markets. Even today’s low employment figures failed to catalyze a lasting upward movement.
Why Aren’t Cryptocurrencies Rising?
The continuous new crypto supply from meme coin launchpads has led to a depletion of liquidity in worthless tokens. The number of altcoins is approaching 11,000, with many butterfly altcoins having a lifespan of just 15 minutes, primarily serving as a new source of income for scammers. Although the notable number of cryptocurrencies on centralized exchanges remains under 1,000, volumes have also weakened.
As the total volume across all exchanges shrinks to $133 billion, BTC dominance surpasses 61% once again. So, why does this cycle feel different? Benjamin Cowen provided insight, stating that the lack of excitement or promise about what can be achieved with crypto is a key factor.
The Future of Cryptocurrencies
As this article is prepared, BTC stands at $95,970, having dropped to $95,620 in a day. Almost $4,000 in losses occurred within minutes, while altcoins faced an even worse trajectory. Traders buying and selling BTC have benefitted from these fluctuations, with Daan Crypto Trades remaining optimistic.
Stockmoney Lizards shared the TOTAL3 chart, indicating that resistance levels often lie around Fib levels of 1.272 and 1.618. The long-range RSI (100) suggests that we might still anticipate at least one significant upswing as the RSI and Fib levels indicate the path forward.
