The cryptocurrency market is experiencing significant changes due to Bitcoin's price drop, caused by new trade tariffs and U.S. financial data. This article reviews the implications for altcoins and the DeFi market.
Impact on Bitcoin Market
Bitcoin's recent price drop to $112,650, followed by recovery to $114,000, significantly impacted the market. The decline of about $10,000 from its peak has mirrored downtrends in several altcoins, with the critical support line at $112,000 holding firm due to strong buying.
Prospects for Altcoins
The current market situation raises questions about the potential recovery of altcoins. Michael Poppe indicates that Bitcoin reaching a higher low might open avenues for altcoins. He emphasizes that testing the $115,000 resistance could precede its breakout, signaling a possible altcoin rally.
Situation with HYPE Coin
Despite previous missteps, Hyperliquid is actively working to compensate its community. Analysis shows growing interest in the DeFi sector, particularly in centralized exchanges offering futures. July saw a remarkable 47% increase in trading volume, reaching a record $320 billion, strengthening HYPE Coin's position.
The current situation in the cryptocurrency market presents a complex balance of risks and opportunities. Developments with Bitcoin and altcoins will continue to shape overall market dynamics, while Hyperliquid's actions in the DeFi sector also warrant attention.
