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Bitcoin causes Altcoins to plummet

Wed 13 Sep 2023 ▪ 3 min of reading ▪ by Evans S.
Getting informed Altcoins

This week, the crypto market has experienced notable turbulence, orchestrated mainly by bitcoin. A shadow of decline now looms, leading to a widespread and immediate plunge in altcoins.

Bitcoin and Crypto: a big red wave

Bitcoin’s spectacular fall

For several weeks, bitcoin had seemed to be stagnating, reluctantly hovering around the $26,000 mark. But this Monday, it abruptly plummeted, crossing the critical $25,000 threshold on the downside, a level not seen since mid-June.

Against this backdrop, it becomes imperative to pay attention to the 5 crucial crypto alerts not to be missed in order to skillfully navigate these tumultuous waters. Indeed, this decline has not been without consequences, sending shockwaves through the entire crypto market.

Altcoins, the alternative cryptocurrencies to bitcoin, followed the downward trend, losing a significant proportion of their value.

Currencies such as ETH, XRP and DOGE saw their prices fall, accentuating the dominance of Bitcoin which, despite its fall, now monopolizes 49% of the market according to Coinmarketcap.

Crypto repercussions: analysis of current impact

Against this turbulent backdrop, altcoins have not been spared. Although they have managed to recoup some of their losses, many are still posting negative daily results. The scenario is not uniform, however. Optimism’s native crypto, for example, outperformed bitcoin. It posted a notable rise of 7%.

The recent collapse cannot be explained in isolation. For a start, the crypto market has been overshadowed by the FTX platform. The latter, which has been bankrupt since last year, is seeking regulatory validation to liquidate a substantial volume of cryptocurrencies.

Such a massive sale is deeply worrying investors. This situation is likely to add considerable weight to an already fragile market, with Solana, bitcoin and Ethereum in line for significant declines.

An uncertain future

Ultimately, we’ll have to keep a close eye on market movements over the coming days. Could we be seeing a rapid resurgence, or are we at the start of a deeper correction? Against this fluctuating backdrop, it’s worth noting that Tron now dethrones bitcoin in terms of active users, adding another layer of complexity and intrigue to the equation.

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Evans S. avatar
Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.