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    Home » Bitcoin and Ethereum May be Stabilizing but Threats to Other Market Segments Remain Unresolved
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    Bitcoin and Ethereum May be Stabilizing but Threats to Other Market Segments Remain Unresolved

    By adminJun. 23, 2024No Comments2 Mins Read
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    Bitcoin and Ethereum May be Stabilizing but Threats to Other Market Segments Remain Unresolved
    Bitcoin and Ethereum May be Stabilizing but Threats to Other Market Segments Remain Unresolved
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    After rising from October to March, the cryptocurrency market is currently consolidating, which is benefiting Bitcoin (BTC) and Ethereum (ETH) holders.

    However, they are now facing a severe correction similar to a bear market that is widely discussed on social media.

    Bitcoin and Ethereum have dropped 15% from their annual highs, while Solana (SOL) and Avalanche (AVAX) are further declining from their highs in March.

    In addition, the price of SHIB has plummeted over 14% in the past 7 days due to sellers defending resistance levels, with a nearly 2% drop in the past 24 hours. Coinglass data shows that SHIB liquidation amounts have exceeded $360,000, with long positions valued at $308,000 and short positions valued at $52,000.

    The week-on-week decline indicators point to further declines.

    SHIB trading volume and holdings have decreased by 16% and 2% respectively, with active addresses dropping from 4,600 to 3,200.

    Activity and new address creation have decreased from 1,330 to 1,140, highlighting bearish sentiment.

    Read more:
    [Image]

    Pantera Capital’s report states that Solana is the macOS of blockchains.

    However, altcoins are facing serious dilution issues due to the continuous unlocking and distribution of tokens. For example, Arbitrum token (ARB) is close to its historical low despite its growing market value.

    Interest in speculative assets in the market has also weakened, as evidenced by the decline in exchange trading volume and stablecoin balances. Seasonal trends also affect altcoins, with June historically being a challenging month. Data shows that over the past six years, the total market capitalization of cryptocurrencies excluding BTC and ETH has continued to decline in November, with a decrease of 80% this year in January.

    Despite Bitcoin and Ethereum maintaining relative stability, the broader cryptocurrency market is facing significant challenges that disproportionately affect smaller cryptocurrencies.
    [Image]

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