Recently, Nassar Achkar, Chief Strategy Officer at CoinW, discussed with crypto.news the current state of the crypto market, Bitcoin's potential trajectories, and the challenges facing altcoins.
Crypto Market Conditions and Bitcoin
After Bitcoin dropped to $81,000 on March 10, the total crypto market capitalization fell to $2.7 trillion. Investors began liquidating assets to protect capital. Nassar Achkar noted that amid current macroeconomic changes, investors are focusing on Bitcoin rather than altcoins. This creates a divide between the leading cryptocurrency and the broader altcoin environment.
Bitcoin Price Prospects
According to CoinW's order book data, the psychological barrier for investors remains at $100,000, while dropping below $70,000 seems unlikely. In the current cycle, $100,000 remains an important support. Nassar pointed out the importance of watching Bitcoin's price relation to stock market movements and money supply.
Macroeconomic Factors and Market Trends
Achkar noted that current macroeconomic conditions significantly impact the behavior of the cryptocurrency market. Bitcoin gradually separates from the general trend, showing dependence on the movement of the U.S. dollar and other macroeconomic indicators. Meanwhile, altcoins suffer from a lack of support and investor interest.
The combination of external economic factors, declining interest in altcoins, and significant fluctuations in stock markets create challenging conditions for the cryptocurrency market, making investing more risky and requiring close attention to the macroeconomic environment.
