The total cryptocurrency market cap dropped 3 percent in the past 24 hours to hover around $2.4 trillion on Monday during the early Asian session. The market turned bearish over the weekend as Bitcoin’s (BTC) price continued its recent downward trend.
The flagship coin closed last week around $63k, a major support/resistance level that has increased the fear of further capitulation.
Moreover, Bitcoin’s price dropped around 2.3 percent in the past 24 hours, and the trade price dropped to about $62,800 on Monday.
If Bitcoin’s price consistently closes below $63k in the coming days, the flagship coin will easily retest the support level above $60k.
What Next for the Altcoin Industry
According to a popular crypto analyst alias Ash Crypto, the altcoin market will continue to consolidate for the next 6-9 months before the onset of the anticipated mega altseason.
Meanwhile, the crypto analyst believes the altcoin industry is on the cusp of a 15-20 percent drop if Bitcoin price continues with bearish sentiments ahead.
“ALT Mcap has dropped below the mega bull trend line. We may see a small bounce if BTC moves upward, but it looks like the alts market will go through a final round of capitulation, where alts could drop a further 20 percent before the next mega season,” the crypto analyst noted.
Market Picture
Following the notable cash outflow from the United States-based spot Bitcoin ETFs in the past few weeks, attention is gradually shifting to the Ethereum network. According to on-chain data analysis provided by Santiment, the Ethereum network recently registered its largest spike in active addresses in three months, reaching more than 617k addresses last week.
The upcoming listing of the recently approved spot Ether ETFs in the United States has increased midterm bullish speculation. Moreover, the approval and listing of spot BTC ETFs earlier this year resulted in a bullish surge toward an all-time high (ATH).
Already, BlackRock and Fidelity have seeded their respective spot Ether ETFs ahead of next month’s anticipated listing.
