For the first time since May, the total cryptocurrency market capitalization has surpassed $ 2.5 trillion. It’s worth noting that bitcoin’s share of the broader crypto market is smaller now than it was in April, when the price of bitcoin reached an all-time high. Bitcoin’s market share in the cryptocurrency market was at 54% at the time. Bitcoin’s market share is currently between 44 and 46 percent.
DOT Price To Rally, While ADA, SOL and VET Price Still Consolidating!
Michael van de Poppe, a crypto expert, is bullish on Polkadot (DOT) but warns that several prominent altcoins may see more drops.
In the present market cycle, the trader and analyst inform his 442,000 Twitter followers that DOT appears “programmed” to increase beyond $100.He proposes $75 and $115 as viable targets using a Fibonacci extension technique.
If we think that the $37 region will hold as we enter a bull cycle, you would ask if you should be getting into the markets now or if there will be a retest. As a result, you arrive at a possible scenario with potential lows and gains. So the [upside] targets for you are $75 to $115.When you consider that we are likely to hold around $38, the potential loss and invalidation is this previous low of $32.
Cardano (ADA), the fourth-largest crypto asset by market value, is showing bearish indications on the Bitcoin (BTC) chart, according to Van de Poppe.
Cardano against Bitcoin is displaying a strong run-up, bearish divergence, and present weakening, implying a general negative trend. If support around 0.00002930 BTC, which is worth roughly $1.75 at the time of writing, holds, the cryptocurrency expert believes a buying opportunity may arise.
“The crucial area that I want to see sustained is overall this level [at $1.75]. If that is going to hold here, which I might find tricky, then I’m looking for anything in these regions for potential long entries.
If that one is lost, I think we’re going to look at the area around 0.0000150 BTC [$0.90] and 0.00002 [$1.19] BTC before we’re going to get bullish all over again.”
Following that, Van de Poppe expects “heavy correction” in Solana (SOL). The best time, according to the crypto researcher, would be after Solana has corrected by roughly 67 percent, falling to about the 0.00135 BTC level on the SOL/BTC chart, which is presently worth $80.40.
At this point, he is just interested in buying Solana in one location. This is the area (0.00135 BTC). Until then, he is not interested in Solana. That’s a 67 percent corrective move.
The bitcoin researcher also looks at the VeChain (VET) supply chain management blockchain, which he claims is on the decline.
We can also see in this cycle that we’re making lower highs [and] lower lows.” We’re also constantly discarding earlier support for resistance.
The “best probable entry point” on the VET/BTC chart, according to Van de Poppe, is either the 0.00000110 BTC level or the 0.00000150 BTC level, valued $0.066 and $0.089, respectively.
For me, the best possible entry point is around 0.00000110 BTC [$0.066]. “In this area, I’m looking for a way in. If we can get there in November and December, it would be fantastic if the target is met. The second is the complete zone that we have here. We’ve already dug into it, and it’s at 0.00000150 BTC [$0.089].”