Bitcoin (BTC) is once again in the spotlight, approaching the $113,000 mark, while the state of altcoins raises intrigue. Key economic indicators expected in the coming days could significantly impact the market.
Altcoins Growth: Present and Future
Thanks to recent recovery moves, altcoins have approached an important level from 2021. However, the market has not crossed critical thresholds, indicating significant resistance.
"The total altcoin market value is approaching the all-time high in 2021 but has yet to surpass it. When we see the altcoin market return to price discovery, it could spark a wave of interest and risk-taking among altcoins. This will also help attract new market participants. Currently, with BTC and ETH remaining indecisive and more economic data and the FOMC meeting ahead next week, patience is required."
Technical Analysis of ETHBTC and ETH Growth
A crucial chart for altcoin investors is the ETHBTC pair. Although the 0.038 level was tested, the region has halted the steady decline. ETH aims to exceed $3,450, returning to a price discovery phase above $3,700 with targets in the $7-8,000 range. ETH ETF data shows recovery. If the September 10 ETH ETF data shows a net inflow of several hundred million dollars, it may increase investor confidence.
Prospects of W Coin and Its Market Impact
Analyst Poppe discussed the prospects of altcoins like W Coin, which has shown a stable decline. He sees a bullish divergence on the weekly chart and believes we could see a satisfying rebound after a steady decline. Securing the 20-week moving average may instill confidence in W Coin.
The current situation in the cryptocurrency market—including Bitcoin's approach to a key level and the behavior of altcoins—evokes a sense of anticipation. Upcoming economic indicator data may have a significant impact on the market's direction.
