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<p>Various major cryptos are on a bearish trajectory, which is affecting the whole market. <a href="https://captainaltcoin.com/bitcoin-price-action-paints-a-bearish-outlook-for-btc-next-month-the-two-possible-scenarios/" target="_blank">Bitcoin has lost more</a> than 15% in the last 22 days, and Ethereum has also followed the same trajectory, losing around 12% in the same period. These cryptos and many others are not showing signs of recovery so far, except that key support levels are still holding.&nbsp;</p> 
<p>But what are the factors causing the whole downturn?</p> 
<h2 class="wp-block-heading" id="the-main-reasons-the-crypto-market-is-down">The Main Reasons the Crypto Market is Down</h2> 
<p>One of the reasons behind the price drops is that many people are <strong>cooling off in anticipation of ETH ETF trading</strong> next month or in August. The ETF approval is bullish for Ethereum and many altcoins, but the market reaction right now is a cooling-off period before the inflow of money into the market.</p> 
<p><strong>Trading is usually slow in the summer</strong> as many traders and investors take time off, reducing the number of people taking part in the market and making the trading volume go down.</p> 
<p>Ash Crypto also points out some important issues affecting the crypto market:</p> 
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   <p lang="en" dir="ltr">Why is the market so BORING right now?<br><br>1. Crypto Total Market Cap<br><br>– TOTAL MCap is $2.2 trillion. <br>– BTC MCap is $1.2 trillion.<br><br>In order to move the price of BTC from $61k to $74k (new ATH), we need $265 billion injected into the market.<br><br>That's a lot of money! <br><br>Where can we…</p>— Ash Crypto (@Ashcryptoreal) <a href="https://twitter.com/Ashcryptoreal/status/1806259014348447918?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">June 27, 2024</a>
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<p><strong>Market Size Challenges: </strong>The crypto market is worth around $2.2 trillion, with Bitcoin alone having a $1.2 trillion market cap. For BTC to move from $61,000 to a new all-time high at 74,000, there is a need for an influx of $265 billion, which can be hard to come by in this market condition.&nbsp;</p> 
<p><strong>Low Trading Activity</strong>: He also mentioned that trading volume has been consistently low since April. However, high trading volume is needed to drive the prices of cryptos up, improve liquidity, and change the general sentiment.&nbsp;</p> 
<p><strong>Potential Liquidity Source:</strong> The expert mentioned that factors that could improve liquidity, like companies buying back their own cryptos, which could add up to $2 billion weekly, might be delayed due to the coming US elections.</p> 
<p><strong>Miners Selling Crypto</strong>: Ash also mentioned that Bitcoin miners are selling their holdings, possibly because they are worried about profits or need the money for their operations.</p> 
<p><strong>Mt. Gox Updates:</strong> Ongoing news about the Mt. Gox case is causing uncertainty in the crypto market.</p> 
<p><strong>German Government Selling Crypto</strong>: Reports that the German government is selling seized cryptocurrencies have added pressure on the market.</p>  
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<p><strong><em>Read Also: <a href="https://captainaltcoin.com/will-the-ethereum-eth-etf-kickstart-the-long-awaited-altseason/" target="_blank">Will the Ethereum (ETH) ETF kickstart the Long-Awaited Altseason?</a></em></strong></p> 
<h2 class="wp-block-heading" id="looking-ahead-potential-for-altcoin-rally">Looking Ahead: Potential for Altcoin Rally</h2> 
<p>Ash Crypto is hopeful about the market’s future. He believes the next 12 to 18 months will see a major increase in the market due to various reasons.&nbsp;</p> 
<p><strong>Ethereum ETFs Coming Soon:</strong> As many analysts have predicted, the start of ETH ETF trading will bring a lot of money into the Ethereum market. This could affect Altcoin’s dominance and make a lot of alts start to become bullish.&nbsp;</p> 
<p><strong>More ETF Approvals:</strong> There have been talks about other ETFs getting approval, and one that is already seeing some applications is the Solana ETF. This is also expected to expose SOL and various alts to a lot of institutional money.&nbsp;</p> 
<p><strong>New Trends Emerging:</strong> There has been a focus on cryptos that are based on real-world assets and <a class="wpil_keyword_link" href="https://captainaltcoin.com/best-ai-crypto-projects/" title="artificial intelligence" data-wpil-keyword-link="linked" target="_blank">artificial intelligence</a>, which could drive major price increases. This could follow the trajectory of previous cycles when initial coin offerings and non-fungible tokens (NFT) fueled rallies.&nbsp;</p> 
<p>Despite the market difficulties, Bitcoin’s strength in staying above $60,000 remains stabilizing for the general market. A decline below this level could lead to a further decline in various markets.<span id="docs-internal-guid-2794dd4b-7fff-5312-5fc8-a21d2eff2048"></span></p> 
<p><em><strong>Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="nofollow">FREE Telegram group.</a></strong></em></p> 
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<p>The post <a href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-31/">Why is the Crypto Market Down Today?</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why is the Crypto Market Down Today?

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Alte articole publicate pe 29 iun. 2024

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