Bitcoin’s Decline Below $61,000 Sparks Crypto Market Concerns and Altcoin Focus
The crypto market is poised for further correction as global market cap slips 3% to $2.4 trillion, driven by Bitcoin's decline to $60,800 from the crucial $63,000 support.
Analysts observe shifts in investor sentiment and behavior amidst declines in retail interest and significant losses for alternative coins like Chainlink against Bitcoin.
Bitcoin remains stable near all-time highs due to Bitcoin ETFs, contrasting with struggles faced by alternative coins.
Meme coins tied to celebrities are seen skeptically by analysts, who highlight their speculative nature despite occasional volatility in coins like Dogecoin (DOGE) and Pepe (PEPE).
READ MORE: Japanese Company Metaplanet Issues Bonds to Buy Bitcoin
Analysts foresee potential rebounds in altcoins as attention shifts to Ethereum, supported by a surge in active addresses and anticipation of new Ether ETF listings in the US, backed by investments from major financial firms.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
