The total worth of the crypto market is estimated at 1.29 trillion. Without BTC, the value is estimated at over $690 billion. As of the time of writing, Bitcoin market dominance is at 48%.
Since the death cross that hit BTC, most alts have not been trading as they used to. Even worse, alts are trading worse than the largest coin by market cap. For example, major alts like BNB is not trading consistently above $300.
Ether could not hold the $2,000 mark, XRP dipped below $0.7 and DOGE is back to trading below $0.3. Most of these alternative coins dipped with the king coin but are yet to recover. As it stands, it seems crypto largest is enjoying a larger swarm of investors as opposed to the altcoins.
One clear indicator of the reduced interest in alts is the records of search. More non-hodlers are searching how to buy BTC. The effect on price is a stay above $30k.
If BTC dips below $30k, it will more disastrous for alts especially ether and BNB. The first time BTC dipped $30,000 the Binance coin tested $212; a level it has tested in weeks. ETH dropped as low as $1,750 which has never happened for two months.
As of the time of writing, the highlighted altcoins are struggling to hold on to their once long term support. With no strong support, these coins will dip to unseen levels.
More bad news for Ethereum as the coin is about to experience its death cross. It may decrease to as low as $1,200 if the death cross hit when the coin is around $1,700. In the coming days, we may see the crypto industry steady as most coins are trading sideways.
The last 24 hours have seen BTC experience a price rebound at $30k. If the trend continues, major altcoins may recover, retest and flip critical resistance.
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!