The market leader jumps back over the USD 38,000 mark on Saturday and the prices of the altcoins are calming down after the turbulence of the previous days. Despite the recent recovery phase, the Mega crash has left its mark, which is leading to a loss of confidence among many investors. We take a look at the current market situation.
At the time of this article, the leading cryptocurrency is trading at USD 38101, which is an upward trend of +4.1%. After yesterday’s drop to USD 33,000, today’s recovery phase again shows enormous volatility across the entire market. The “digital gold” had to endure a series of bad news this week. After Tesla’s BTC payment stop, China announced that it would crack down on cryptos and mining. A trading volume of USD 80 billion reflects the unsettled market situation. Does the current recovery turn out to be the famous “calm before the storm”?
From a bullish perspective, the USD 38,000 level could mutate into important support from which the bulls could ride new attacks on the groundbreaking USD 40,000 barrier. Exceeding this limit would amplify the signal that the mega-reset is a correction in the bull cycle. On the other hand, it is quite conceivable that BTC will again be pushed into the region at USD 30,000 in another dump.
Ethereum has to record a downtrend of -42.3% this week and say goodbye to the record spheres of the past few weeks. After the investors’ focus shifts back to Bitcoin, the Altcoins are losing important market shares. With a market cap of USD 273 billion, Ethereum claims a market capitalization dominance of “only” 16.71% and more and more indicators point to the end of the Altcoin Season 2021. A comeback of the smart contract coin should not fail due to a lack of interest: In the past 24 hours, ETH units valued at USD 150 billion have been traded.
A look at the crypto charts reveals that the altcoins are still struggling with the consequences of the mega-crash. In the top 30 charts, only theta (+ 6.5%) can initiate a counter-trend. Projects like Cardano (- 4.4%), BNB (- 7.3%), and XRP (- 13.7%) continue to suffer from the mass panic of the past few days.
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