The bears have dominated the altcoin market for the last week, resulting in a 2.41% decrease in the global crypto market cap, which currently stands at $2.33T.
Investors are facing a challenging time as the altcoin market experiences a prolonged decline due to various factors creating a complex environment for these assets. The launch and oversupply of new coins are significant contributors to this decline, leading to a sharp downturn in the market.
According to crypto analyst Pentoshi, there is a daily need for around $200 million to balance the prices of newly launched coins. This imbalance between supply and demand has caused a significant drop in altcoin prices as the market struggles to cope with the influx of upcoming assets.
When analyzing some of the top altcoins in the market, it is evident that most are on a downward trend. Bitcoin, currently trading at $65,181, has seen a 0.93% decline and is finding it challenging to break the $65K range. Ethereum is trading at $3,405, down by 3.42%, with resistance at $3,580 and support at $3,389.
Doge is priced at $0.1205, experiencing a 10.24% dip, while Cardano trades at $0.375, down by 7.31% in the last 24 hours. Shiba Inu’s price is at $0.00001782, with a 10.60% decrease, and Uniswap is trading at $9.65, observing an 11.31% dip in a day.
Despite reaching notable highs, most altcoins are struggling to maintain their positive price momentum in the current market conditions.
In other news, SHIB is facing intense pressure as market fluctuations continue to affect its performance.