Crypto Market Cap Drops 3% to $3 Trillion Bitcoin Falls 1.1% to $103,000

The cryptocurrency market is currently experiencing a downturn, with the total market cap falling to $3 trillion, a 3% decrease from the previous day. Bitcoin has dropped to $103,000, marking a 1.1% decline. Major altcoins such as Ethereum, Solana, and XRP have also seen decreases of up to 3%, while memecoins like Dogecoin and Litecoin continue to slide.

Top analyst Crypto Capo has issued a warning, stating that the current market conditions are just the beginning of a potential crash. He predicts that altcoins could drop by 50-70%, with memecoins facing an even more significant decline of up to 80%. Bitcoin, according to the analyst, has two key support levels: the first at $93,000 and the main support zone between $60,000 and $70,000. This would represent a 35-45% decline from current prices. In a full-blown capitulation or a Black Swan scenario, Ethereum could drop 45-55% and reach the $1,000-$1,200 range.

Crypto Capo expects the real drop to begin once Bitcoin breaks the $100,000 level, at which point bearish momentum could accelerate sharply. He also shared examples of coins that are already collapsing before Bitcoin's drawdown. Memecoins, in particular, are on the edge of major breakdowns. FARTCOIN is at risk of dropping 61% to the first support zone around $0.38, and possibly 82% to $0.17 if it falls further. RETARDIO is stuck below resistance and showing weakness, while PEPE has triggered a bearish Head and Shoulders pattern, with an expected 70% drop ahead.

CryptoQuant data shows that altcoins are still deep in a slump. Altcoin Sherpa notes that the top gainers like Fartcoin, SPX, and $HYPE are pulling back the hardest, while the rest of the market is in a slow, steady bleed. He also expects coins like POPCAT to continue drifting lower, with no major liquidations or panic selling so far. Most altcoins look weak, and the analyst sees no strong buy signals at the moment.

Analyst Michaël van de Poppe believes that altcoins have been flat for the past three months, simply retesting lows. He suggests that this quiet phase is just the calm before the storm, with the biggest altcoin bull run still ahead. Despite the current market conditions, some analysts remain optimistic about the long-term prospects of cryptocurrencies, highlighting the potential for significant growth in the coming years. However, the current market downturn serves as a reminder of the inherent risks and volatility associated with investing in cryptocurrencies.