As a seasoned analyst with over a decade of experience navigating the volatile waters of the cryptocurrency market, I must say that this current recovery trend is quite intriguing. The resilience shown by altcoins like Sui (SUI/USD), which seems to have fully recovered from Tuesday’s market crash, is a testament to their inherent value and the faith investors have in them.
After the market plunge triggered by Iran’s attacks on Israeli lands, I’ve noticed a promising recovery among altcoins. Some of these digital assets are nearly returning to their values prior to the crash.
$BTC recovery transfers to the altcoins
On Tuesday, the value of Bitcoin (BTC/USD) fell by over 5% due to the news that Iran had launched a missile attack on Israel. This unexpected escalation in the Middle East conflict caused markets to react sharply, leading to a drop in prices across various sectors.
Despite dipping significantly, Bitcoin managed to hit a low point and rebounded on Tuesday, priced at $60,200. This upward trend continued on Wednesday. This recovery in Bitcoin has also influenced several altcoins, with some even approaching their original prices before the recent market downturn.
Total3 perfect retest of top of bull flag
Total3 tracks the combined market capitalization for all the cryptocurrencies, excepting $BTC and $ETH. This chart shows a perfect retest of the top of its bull flag. The market cap is rising again, but will now have to contend with newly-formed resistance at the $615 billion level. Thus, as whilst there isn’t a further escalation of the Middle Eastern conflict, all is still fairly normal for the altcoins.
Bitcoin dominance can continue to decline
The dominance of Bitcoin continues to decrease from its peak of 58.6%, currently staying below the 57.7% mark. There’s a possibility it could drop even further, but if global conflicts intensify, Bitcoin’s dominance might increase again.
$SUI already fully recovered
Sui (SUI/USD) is one of the leading altcoins right now – outperforming $BTC and the vast majority of cryptocurrencies. Looking at the short time frame chart for $SUI, it can be seen that it’s almost as though Tuesday’s conflict escalation never happened. A very fast 13% reversal, from top to bottom on Tuesday, was bought up extremely quickly, and on Wednesday the price is right back up at the local high of $1.91, and still holding above the 0.786 Fibonacci. The all-time high awaits above at $2.18.
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2024-10-02 13:02