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

The cryptocurrency market has experienced a downturn, with the total market cap falling to $3 trillion, a 3% decrease. 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 are already experiencing significant drops, even though Bitcoin remains above $100,000. According to the analyst, Bitcoin 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. Altcoins are expected to drop 50-70% on average, while memecoins could face the most severe impact, with potential crashes of up to 60-80%.

The analyst expects the real drop to begin once Bitcoin breaks the $100,000 level, at which point bearish momentum could accelerate sharply. Several memecoins are already showing signs of collapse. For instance, 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, despite several bounces. PEPE has triggered a bearish Head and Shoulders pattern, with an expected 70% drop ahead.

CryptoQuant data indicates that altcoins are still in a slump. Altcoin Sherpa notes that top gainers like Fartcoin, SPX, and $HYPE are pulling back the hardest, while the rest of the market is experiencing a slow, steady bleed. He expects coins like POPCAT to continue drifting lower, with no major liquidations or panic selling so far. Most altcoins appear 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. This perspective contrasts with the current market conditions, where significant declines are being predicted.