The marketers from the crypto industry are in a dilemma over their plan of action. As digital assets from the business have been falling off from thresholds and have been nearing multi-year lows. The star crypto Bitcoin for instance at the time of publication has dropped 9.78% over the previous day to $19,030.51.
On the other hand, Ethereum has lost its crucial support at $1,000 and is presently changing hands at $990.23. That said, the dominance of altcoins is depleting in contrast to that of Bitcoin. With losses accounting for double-digits, altcoiners are now fearing a massive altcoin crash. Which is reasonable for justifiable reasons such as FED’s possible 75 BPS rate hike.
Where Is The Top Altcoin Ethereum Heading?
ETH price has lost its hold at its crucial support at one grand. The blue-chip altcoin at the time of press is changing hands at $990.23. While the fall from the threshold was not much of a surprise for veterans. However, it surely has brought in some volumes. That said, the price of ETH is down an astonishing ~72% from the annual top seen on the 3rd of April 2022.
Successively, a continuity in bearish trends over the weekend could land the price a $930. A reversal in trend seems too far-fetched from the current scenario. As ETH would need to chug up above $1,300 to validate a bullish thesis. But a spike in volumes could help Ethereum reclaim the $1,000 price tag.
The on-chain metrics are in-line with the price projections of the prominent altcoin. According to Glass Node Alerts, Ethereum’s exchange inflow volume (7D MA) has reached a 1-year high of 30,709,073 ETH. Moreover, the mean transaction volume (7D MA) has reached a yearly high of 8.803 ETH. Meanwhile, ETH percent address in profit (7D MA) has hit a 23-month low of 51.67%.
These Days Are Crucial For Altcoins!
The total market capitalisation of altcoins has dropped to $501,001,022,269. A number of altcoins are now down close to double-digit percents over the previous day. And over 90% of altcoins are below their ATH by a greater margin. The dominance of altcoins in comparison to Bitcoin has moved south. While that of the latter has risen to ~47.49%, despite it being below the ATH from 2017.
Conversely, BitMEX co-founder Arthur in his blog cites that he believes the liquidity in the business will worsen in the second half of 2022. He also believes that FED’s possible 75 BPS rate hike could seize investors from investing in risky assets. The entrepreneur expects the market to witness extreme turbulence between June 30th and July 5th. Which is when the balance sheet of FED would start shrinking.
Wrapping up, with bleak signs of optimism and soaring fear. Which now counts at “6”, to the all-time-low at “5” on the fear and greed index. The volumes from retailers would continue to remain bland. Consequently, the altcoins could further move southwards owing to the influencing factors.