Ethereum, Bitcoin Decline as Altcoin Marketcap Eyes $1.2 Trillion Resistance

Altcoin Marketcap is retesting its High Time Frame (HTF) support levels following a strong pullback. As highlighted by “Mags”, a prominent blockchain figure on X, the market is remarkably maintaining a robust position above the $700 billion mark. This lays the groundwork for a potential surge toward the next key resistance point at the $1.2 trillion mark.

Bitcoin briefly surpassed $45,000 earlier this week. However, it has since dipped to $43,173, a 2.30% decline over the last 24 hours, as per data from Coingecko.

This fall positions Bitcoin further away from its recent peak of over $45,500. Notably, this was its highest point in almost 21 months. Consequently, Bitcoin’s market capitalization has seen a 5% reduction, now at $846.3 billion. Despite this, trading volumes have surged by 42% to $42.2 billion.

Ethereum, ranking second in market cap, has also experienced a downturn. Its value plummeted by over 5.5% in the past day, bringing the price to $2,227. Its market capitalization has shrunk to $267.7 billion, with trading volumes increasing by 66% to $19.5 billion.

Other major cryptocurrencies have followed a similar downward trajectory. However, there are exceptions. Tether saw a marginal increase of 0.05%, and BNB rose 1.6%. In contrast, Solana (SOL), XRP, and Cardano (ADA) have faced significant losses.

SOL fell over 6% to below $101, XRP dropped more than 8% to $0.58, and ADA’s price plunged over 8% to $0.56. Memecoins like Dogecoin and Shiba Inu are crashing over 9%.

The global crypto market cap has mirrored these individual losses, falling nearly 5% to $1.65 trillion. This decline has affected investor sentiment, as reflected in the fear and greed index, which stands at 67.

Pepe Coin, another cryptocurrency, witnessed an 11% drop in price over the last 24 hours to $0.000001211. This decline affected its market cap, which now stands at $511.7 million. However, its trading volume increased by 156% to $184.4 million.

Kaspa (KAS), mirroring the broader market trend, experienced a notable decline in its price, dropping by 11% to $0.104. This decrease has significantly impacted its market capitalization, which now stands at $2.3 billion. Despite this downturn in market value, there has been a dramatic increase in trading activity for KAS. Its trading volume has surged by an impressive 100%, exceeding $73.3 million.

Amidst the prevailing market downturn, Arbitrum has demonstrated notable resilience. In the last 24 hours, its price increased by 0.59%, reaching $1.83. Over the past week, the token has experienced a significant appreciation, almost 23%.

This positive trend is also reflected in Arbitrum’s market capitalization, which now stands at $2.5 billion. Furthermore, there has been a substantial 144% increase in trading volumes, surging to $3.2 billion.

This market behavior highlights the volatile nature of cryptocurrencies. It emphasizes the need for investors to stay informed and cautious in their investment decisions.