The cryptocurrency market is witnessing changes as altcoins start to display growth amidst the decline in Bitcoin prices. The current situation calls for analysis and consideration of various factors.
ETHBTC Chart Analysis
Rallies in the ETHBTC pair typically occur during altcoin bull markets. Despite Bitcoin's decline, this pair has started to recover. A close above 0.033 BTC would be a strong signal for further growth, but this level has not yet been breached.
Bitcoin Market Dominance
Bitcoin is showing a sharp decline, approaching a critical support level at 115,500 USD. Many analysts suggest that if the 115,000 USD level is lost, a retest of the 112,000 USD breakout point could occur, which could change the current upward trend.
Altcoin Prospects
Some analysts point to the possibility that altcoins could rise even if Bitcoin continues to decline. A decrease in Bitcoin's dominance could lead to significant gains for altcoin investors. The first noticeable correction of Bitcoin after a long rise raises hopes among investors.
The current situation in the cryptocurrency market indicates potential prospects for altcoins. By monitoring the developments, investors may find new opportunities for profitable investments.
