At the start of trading today, the cryptocurrency market experienced a sharp decline. The value of the two largest cryptocurrencies, Bitcoin and Ethereum, both dropped by around 2% in a matter of hours, wiping out their earlier gains.
Following suit, altcoins contributed to a market-wide correction in the cryptocurrency space just before a pivotal week that would see the Fed rate hike decision and the quarterly reports of tech titans.
One of the famous crypto strategists, Smart Contractor, who accurately called the 2018 Bitcoin (BTC) bottom, predicts a tough few weeks ahead.
As per the analyst The crypto market is showing signs of a potential top in the near future, particularly in altcoins. This is indicated by the presence of 5 wave rises on the daily charts across the market, with a notable concentration in the “total3” index which tracks the performance of all altcoins excluding Bitcoin and Ethereum. This suggests that the market is reaching a temporary peak and traders should be cautious about investing heavily in altcoins at this time.
A Big Drop for 3 Altcoins
A detailed examination of the analyst’s chart, however, reveals that the market cap of all cryptocurrencies other than Ethereum is to fall over 10%, from around $365 billion to $330 billion, indicating substantial downside risk for crypto assets. outside the realm of Bitcoin and Ethereum.
The Analyst believes chainlink (LINK), Cosmos (ATOM), and Avalanche (AVAX) prices might see a correction in the coming days. He predicts LINK Price might drop to $6 while AVAX Price can hit might correct to around $15.
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