As the crypto market faces a huge crash and possible major corrections, altcoins are losing their strength at key support levels. Meanwhile, the total market value for altcoins has fallen to almost $150 billion, a drop not seen since November 2023. Despite the tough market conditions, crypto analyst Matthew Hyland believes that altcoins are likely to recover from this low point.
Altcoins Market To Rebound
According to renowned crypto analyst Matthew Hyland, the altcoin market cap, which had plummeted to $150 billion amid the Japanese stock market correction and rising fears of a U.S. recession, is now stabilizing around $182.1 billion. This recovery indicates a potential recovery phase for altcoins after significant volatility.
Matthew Hyland believes that the recent decline in the altcoin market cap may be short-lived. His optimistic outlook is based on the market’s historical resilience and the potential for recovery following such dips.
Even though the market has fallen, many altcoins are showing signs of great recovery. Some are even seen forming double-bottom patterns, which often signal a potential recovery. This suggests that the cryptocurrency market might soon see a rebound.
Bitcoin Dominance Surges
The global crypto market has experienced a severe downturn, with its total market cap plummeting to $1.89 trillion a 12.29% drop in just one day. Despite this significant decline, Bitcoin has maintained a strong position, holding a dominance of 56.56%.
However, Bitcoin fell below the $50,000 mark, reaching its lowest since February.
While Bitcoin’s price has decreased, its dominance has risen because other major cryptocurrencies, including BNB, XRP, Dogecoin, and Cardano, have suffered even greater losses. Ethereum, the second-largest cryptocurrency, has also seen a sharp decline, now trading below $3,000.
Read Also: Top Ethereum-based Altcoins To Stack For Massive Short-term Gains!
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