Will The Altcoin Dump Affect Your Portfolio Further?

• Crypto market plunges; Bitcoin and altcoins see significant declines.
• Bitcoin ETF inflows have dropped sharply by 80% in the past 24h.

In a dramatic turn of events, the global cryptocurrency market has witnessed a staggering 7.63% decrease, with its total market cap plummeting to $2.57 trillion over the last day. Bitcoin, the leading cryptocurrency has slumped to $67,000, marking an 8% decline.

The downfall doesn’t end there; Bitcoin ETF inflows have nosedived by a staggering 80.6% in just 24 hours, exacerbating the already grim situation. Moreover, the impending Bitcoin halving in a mere 35 days adds another layer of uncertainty to an already volatile market.

Meanwhile, the nicknamed Altcoin head Ethereum faced a 7% decline in the past 24 hours. Currently, it is trading at $3,677.03.

Top Crypto By Market Cap Price Chart, Source: Santiment

Other Altcoins haven’t been spared from this bearish trend either. In the past 24 hours, major players like XRP, ADA, AVAX, DOT, TON, MATIC, and LINK have witnessed significant declines ranging from 10% to 13%. Even meme-inspired coins like SHIB, DOGE, and PEPE, which showed resilience in the past week, have taken a substantial hit, plummeting 14% to 15%.

The downturn comes on the heels of a warning from prominent crypto entrepreneur Samson, who predicted the crash of altcoins in the coming weeks. He highlighted the lack of substantial daily inflows, ranging from $500 million to $1 billion, which Bitcoin enjoys compared to its altcoin counterparts.

What Traders Be Aware Of?

With Bitcoin slipping below the $68,000 mark for the first time since March 8th, panic has begun to grip the market. Investors are now weighing their options, contemplating whether to buy the dip or engage in panic selling. The sentiment is further fueled by reports from reputable data aggregator Santiment, which suggests that a fair amount of Fear, Uncertainty, and Doubt (FUD) is likely to catalyze a quick bounce back in the crypto market.

As the crypto community braces for what lies ahead, one thing is clear: volatility remains the defining characteristic of this burgeoning market. Investors are advised to trade cautiously and communities to stay informed amidst the ever-evolving landscape of digital currencies.