Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
This is why altcoin prices fell last week

This is why altcoin prices fell last week

Cryptodnes2024/06/18 23:10
By:Cryptodnes

Crypto analyst Michael van de Pope presented an analysis of the recent altcoin price decline and shared his views on the future of the market.

He noted that major altcoins have fallen more than 30-40% over the past two weeks, and others by even more. The analyst highlighted the impact of Bitcoin's market dominance on the altcoins , suggesting that a reversal in this metric could signal another rally for altcoins.

Basic factors

According to him, a major factor contributing to the current decline in the market is the uncertainty surrounding the spot Ethereum US ETFs. Although these ETFs received partial approval by the SEC, they are not yet listed, causing confusion and negatively impacting market sentiment.

READ MORE:
Why Bitcoin is a better investment than gold

Michael detailed the approval process, which includes 19b-4 forms (covering technical specifications and SEC compliance) and S1 forms (relating to IPOs). It is the delay in the listing of these ETFs that is believed to have increased pressure on the market.

The analyst believes that once these spot ETFs are listed, Ethereum could be classified as a commodity, similar to Bitcoin. This classification could lead to increased institutional investment and wider adoption of Ethereum and others cryptocurrencies .

He also pointed out that lower-than-expected US inflation initially suggested a possible halt in interest rate hikes by the Federal Reserve, but the Fed's continued hawkish stance has kept the market uncertain. Altcoins perform well in a low interest rate, high liquidity environment, which is currently lacking.

READ MORE:
El Salvador plans to introduce Bitcoin into the banking system

Could we see a recovery?

Despite the current negative outlook, there are indicators of a potential market recovery. Van de Pope hopes to see a turnaround in the market within the next one to two weeks. He highlighted the significance of Bitcoin's dominance over altcoins, noting that these tokens are underperforming due to the strong performance of Bitcoin against this metric.

SHARE: SHARES
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

This Week's Preview: BTC Falls Below 94,000, AI "Judgment Day" and Macro "Settlement Day" Both Looming

Bitcoin and Ethereum prices have declined as the market adopts a risk-off approach ahead of the upcoming Nvidia earnings report and the release of the Federal Reserve minutes. Nvidia's earnings will influence the AI narrative and capital flows, while the Fed minutes may reinforce a hawkish stance. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.

MarsBit2025/11/17 06:21
This Week's Preview: BTC Falls Below 94,000, AI "Judgment Day" and Macro "Settlement Day" Both Looming

The Ali Qianwen app's initial launch faces a surge in traffic; the official response is "operating well, feel free to ask."

The public beta of the Qianwen app has been launched, with Alibaba introducing its personal AI assistant to the consumer market. The first day’s traffic exceeded expectations, and some users experienced service congestion. “Alibaba Qianwen crashed” quickly trended on social media, but the official response stated that the system is operating normally.

Jin102025/11/17 06:11
The Ali Qianwen app's initial launch faces a surge in traffic; the official response is "operating well, feel free to ask."

Another giant exits! The "Godfather of Silicon Valley Venture Capital" sells all Nvidia shares and buys Apple and Microsoft

Billionaire investor Peter Thiel has revealed that he has fully exited Nvidia, coinciding with rare simultaneous retreats by SoftBank and "Big Short" investor Michael Burry, further intensifying market concerns about an AI bubble.

Jin102025/11/17 06:11

How to evaluate whether an airdrop is worth participating in from six key dimensions?

Airdrop evaluation is both an "art and a science": it requires understanding human incentives and crypto narratives (art), as well as analyzing data and tokenomics (science).

深潮2025/11/17 05:10
How to evaluate whether an airdrop is worth participating in from six key dimensions?