- continues to fluctuate around the $30,000 price range.
- The crypto market might shed more wealth in the coming month.
- Altcoins might not revive till the end of July.
The crypto market has witnessed a prolonged bear market over the past two weeks. Bitcoin is also holding up its stance, fluctuating around the $30,000 price range. While some crypto analysts predict its market dominance is slowly rising, others indicate that it might drop below $20,000.
Even though the crypto market is going through bloodshed, bitcoin currently holds 46.51% of the crypto market. One cannot say the same for altcoins, as major altcoins have taken a punch to the head.
Project Syndicate, a renowned trader on Tradingview, claims that Bitcoin’s market share will rise. He also believes that bitcoin’s market share will top 50%.
In an interview, Michael Saylor, the CEO of MicroStrategy, recently said that Bitcoin would hit $1,000,000 if it will not fade away or drop to zero. The same cannot be claimed for altcoins, as Project Syndicate stated that until Bitcoin retests the 50% dominance market level, the altcoins will continue to suffer.
The crypto market has been in a severe downhill trend following the macroeconomic crisis and the collapse of the ecosystem. Luna, which stood under the top ten crypto, faded away in a span of a week to zero.
Terra Classic (LUNC) is 100% down from its all-time high of $119. The new LUNA token is also down and is currently trading at $3.12. The present situation seems so that Do Kwon cannot rebuild the Terra empire to how it was.
According to Project Syndicate, altcoins will follow the downtrend until July end or August. The market might not be favorable for altcoin traders as the bear market will continue.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.