A well-known cryptocurrency strategist has provided valuable insights into the volatility of altcoin prices, as demonstrated by the recent drop in price of PEPE coin. This strategist’s observations shed light on the factors that can impact altcoin prices and are particularly significant considering the recent decline in the price of PEPE coin.
1. PEPE Coin’s Price Drop: Key Details
The senior analyst, known as Credible Crypto, has highlighted the alarming decrease in PEPE coin’s price, specifically its collapse against Bitcoin (BTC). This drop could indicate potential similar price movements in other altcoins. Here are the main takeaways from his assertion:
- PEPE coin’s decrease: With the help of the team, PEPE coin experienced a drastic 30% decrease against BTC in a short period of time, potentially indicating a similar decrease for other altcoins.
- PEPE/BTC trading: At the time of the statement, PEPE/BTC was trading at approximately 0.0000000000346 BTC ($0.000000898).
- 24-hour decrease: PEPE/BTC further decreased by about 15.1% within the last 24 hours.
- Sudden drop and rise: On a particular Thursday, PEPE coin rose to $0.00000112 but fell to $0.000000825 after a few hours, representing a 26% drop.
- Sell-off rumors: Speculations were circulating that the project’s team sold their meme coin assets, potentially contributing to the sudden drop in price.
2. Bitcoin Dominance Data: Predictions and Claims
Credible Crypto also provided insights regarding the dominance of Bitcoin (BTC) in the market, suggesting that it may experience fluctuations in the coming months. Here are some key points:
- BTC Dominance in September: It is predicted that BTC dominance (BTC.D) will drop to approximately 48.46% in September.
- Massive surge: Towards the end of the year, BTC.D could experience a massive upswing, surpassing 54%.
- Current status: At the time of writing, BTC.D stood at 49.17%.
- BTC.D and market value: BTC.D represents the percentage of the total cryptocurrency market value that Bitcoin covers. An increase in BTC.D indicates that liquidity is gravitating towards Bitcoin, potentially causing a decline in the altcoin market.
Credible Crypto concludes by asserting that the market structure has not fundamentally changed to justify a downward trend in Bitcoin dominance. In fact, he predicts that Bitcoin’s dominance will rally and coincide with a significant upswing in its value. He cautions traders against being misled by calls for an ‘altcoin season’. If his prediction proves correct and Bitcoin dominance begins to soar to levels not seen in two years, it implies a bullish trend for Bitcoin and a potential shake-up in the altcoin market. This serves as a warning for altcoin traders to exercise caution.