Here’s why altcoins will crash hard at the end of July!
For the past two weeks, bitcoin values have been fluctuating between $30,000 and $30,000, with no notable gains. Despite predictions that Bitcoin will drop below $20,000, its market dominance appears to be increasing. Bitcoin currently holds a remarkable 47.33 percent of the cryptocurrency market, but altcoin prices have taken a hit recently.
Bitcoin will continue to grow in market share, according to to Project Syndicate, an active trader on TradingView. He believes that Bitcoin will top out at 50%, which will further enhance his case with regulators. If Bitcoin continues to retest the 50% barrier, the arguments of proponents like Michael Saylor may be bolstered.
Last month, the CEO of Microstrategy anticipated a significant rally in Bitcoin due to a possible trade shock due to increased regulation. According to Saylor, the regulation will increase the value of the asset class from $1 trillion to $10 trillion.
Altcoins to bleed more?
Altcoins will continue to bleed, according to Project Syndicate, until Bitcoin retests the 50% level of market dominance. Altcoin prices have plunged in recent weeks as a result of the macroeconomic crisis and the collapse of Terra last month.
According to the trader, the altcoins will continue to fall until July or August. They added that it does not appear to be a good setup for altcoin traders. Bitcoin’s market share is expected to reach between 40 and 50 percent.
Meanwhile, Bitcoin has been fluctuating in the $29,000-$31,500 band in recent weeks. Historical trends contradict bullish assumptions that the major coin has already bottomed out at roughly $29,000. The income generated by Bitcoin miners, on the other hand, continues to decline. This continues even as production costs rise due to the gloomy market mood.
At the time of writing, BTC is trading at $30,505 and is up 2 percent in the last 24 hours.
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source: coinpedia.org