{"id":555324,"date":"2023-10-13T14:00:16","date_gmt":"2023-10-13T14:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=555324"},"modified":"2023-10-13T12:03:05","modified_gmt":"2023-10-13T12:03:05","slug":"cardano-solana-and-ethereum-under-heat-data-points-to-more-trouble-for-altcoins","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cardano\/cardano-solana-and-ethereum-under-heat-data-points-to-more-trouble-for-altcoins\/","title":{"rendered":"Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins"},"content":{"rendered":"

Bulls pushed back and momentarily halted the increasing selling pressure impacting Cardano, Solana, and Ethereum. The altcoin market has been stabilizing over the last day, but fresh data points to potential issues in the short term. <\/strong><\/p>\n

Related Reading: Standard Chartered Says Ethereum Price Can Reach $35,000, Here\u2019s When<\/a><\/div>\n

As of this writing, Cardano (ADA) trades at $0.23 with sideways movement in the past day. Solana and Ethereum recorded similar price action over this period, but these assets have been slowly bleeding into support on the weekly chart.<\/p>\n

\"Cardano
ADA’s price trends to the downside on the daily chart. Source: ADAUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Cardano, Solana, And Altcoins Could Get Hit<\/h2>\n

Data shared<\/a> by the Co-Founders of crypto analysis firm Glassnode via social media platform X indicates a rise in Bitcoin Dominance (BTC.D). The metric was slowly trending to the downside, but it found some support yesterday and could be poised to regain previously lost territory.<\/p>\n

The metric measures the percentage of the total crypto market capitalization comprised of Bitcoin<\/a>. In addition, whenever BTC.D reaches a certain point, it often leads to mini altcoin bull or bear markets.<\/p>\n

The metric could hint at further losses for Cardano, Solana, and other tokens in the current scenario. The Glassnode Co-Founders stated:<\/p>\n

It’s not just ETH feeling the heat; other major altcoins like Solana, Cardano, Dogecoin, Tron, Polkadot, and Polygon are also deep in the red. With Bitcoin’s dominance climbing past 51%, inching closer to its 2021 peak, altcoins are indeed feeling the pressure. To see the resurgence of the much-awaited Altcoins Season, a significant recovery will be essential.<\/p><\/blockquote>\n

As seen in the chart below, the Bitcoin Altcoin Cycle chart is moving closer to a \u201cBitcoin Season,\u201d as indicated by the blue line. As Bitcoin Dominance trends upwards into the 50% territory, altcoins will likely keep seeing losses in the short time frame.<\/p>\n

\"Cardano
BTC.D is entering strong levels, but there is a potential for a reversal, which could benefit altcoins. Source: Glassnode via X<\/figcaption><\/figure>\n

However, the Bitcoin Altcoin Cycle chart shows that the BTC.D stands at a critical zone. The metric has bounced back into the Altcoin Season Territory in the past.<\/p>\n

In particular, Cardano, Solana, XRP, Ethereum, and other altcoins enjoyed a substantial rally in July. If Bitcoin can\u2019t produce a catalyzer, something to push it above the 50% area in dominance, then Altcoins can see some profits.<\/p>\n

Related Reading: Cardano Founder Addresses ETHGate Rumors: Did Ethereum Bribe The SEC To Go After XRP?<\/a><\/div>\n

Ethereum could potentially hold the key to propel altcoins into a hot season<\/a>. On this cryptocurrency\u2019s price action, the Glassnode co-founder stated<\/a>:<\/p>\n

From its weekly resistance at $1,744, ETH has tumbled, marking an 8% decline in just two weeks, landing it at $1,574. While the price seems to be consolidating, the upward slope of the RSI suggests buyers are vying for higher levels. Yet, with sellers resisting this advance, they might (\u2026).<\/p><\/blockquote>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Bulls pushed back and momentarily halted the increasing selling pressure impacting Cardano, Solana, and Ethereum. The altcoin market has been stabilizing over the last day, but fresh data points to potential issues in the short term. Related Reading: Standard Chartered Says Ethereum Price Can Reach $35,000, Here\u2019s When As of this writing, Cardano (ADA) trades at $0.23 with sideways movement in the past day. Solana and Ethereum recorded similar price action over this period, but these assets have been slowly bleeding into support on the weekly chart. Cardano, Solana, And Altcoins Could Get Hit Data shared by the Co-Founders of crypto analysis firm Glassnode via social media platform X indicates a rise in Bitcoin Dominance (BTC.D). The metric was slowly trending to the downside, but it found some support yesterday and could be poised to regain previously lost territory. The metric measures the percentage of the total crypto market capitalization comprised of Bitcoin. In addition, whenever BTC.D reaches a certain point, it often leads to mini altcoin bull or bear markets. The metric could hint at further losses for Cardano, Solana, and other tokens in the current scenario. The Glassnode Co-Founders stated: It’s not just ETH feeling the heat; other major altcoins like Solana, Cardano, Dogecoin, Tron, Polkadot, and Polygon are also deep in the red. With Bitcoin’s dominance climbing past 51%, inching closer to its 2021 peak, altcoins are indeed feeling the pressure. To see the resurgence of the much-awaited Altcoins Season, a significant recovery will be essential. As seen in the chart below, the Bitcoin Altcoin Cycle chart is moving closer to a \u201cBitcoin Season,\u201d as indicated by the blue line. As Bitcoin Dominance trends upwards into the 50% territory, altcoins will likely keep seeing losses in the short time frame. However, the Bitcoin Altcoin Cycle chart shows that the BTC.D stands at a critical zone. The metric has bounced back into the Altcoin Season Territory in the past. In particular, Cardano, Solana, XRP, Ethereum, and other altcoins enjoyed a substantial rally in July. If Bitcoin can\u2019t produce a catalyzer, something to push it above the 50% area in dominance, then Altcoins can see some profits. Related Reading: Cardano Founder Addresses ETHGate Rumors: Did Ethereum Bribe The SEC To Go After XRP? Ethereum could potentially hold the key to propel altcoins into a hot season. On this cryptocurrency\u2019s price action, the Glassnode co-founder stated: From its weekly resistance at $1,744, ETH has tumbled, marking an 8% decline in just two weeks, landing it at $1,574. While the price seems to be consolidating, the upward slope of the RSI suggests buyers are vying for higher levels. Yet, with sellers resisting this advance, they might (\u2026). Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":555326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,84005,89643,79508,12332,12837,86420,87045,83626,83627],"class_list":["post-555324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-price","tag-ada-price-analysis","tag-adausdt","tag-cardano","tag-sol","tag-sol-price","tag-sol-price-analysis","tag-solana","tag-solusdt"],"acf":[],"yoast_head":"\nCardano, Solana, Under Heat, Data Points To Trouble For Altcoins<\/title>\n<meta name=\"description\" content=\"Bulls pushed back and momentarily halted the increasing selling pressure impacting Cardano, Solana, and Ethereum.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins","url":"http:\/\/uniquehot.com\/news\/cardano\/cardano-solana-and-ethereum-under-heat-data-points-to-more-trouble-for-altcoins\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/cardano\/cardano-solana-and-ethereum-under-heat-data-points-to-more-trouble-for-altcoins\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Cardano-price-ADAUSDT-ADA-Solana-price-SOL-price-SOLUSDT.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Cardano-price-ADAUSDT-ADA-Solana-price-SOL-price-SOLUSDT.jpg?fit=640%2C360"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","ada price","ada price analysis","adausdt","cardano","sol","sol price","sol price analysis","solana","solusdt"],"dateCreated":"2023-10-13T14:00:16Z","datePublished":"2023-10-13T14:00:16Z","dateModified":"2023-10-13T14:00:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cardano\\\/cardano-solana-and-ethereum-under-heat-data-points-to-more-trouble-for-altcoins\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cardano\\\/cardano-solana-and-ethereum-under-heat-data-points-to-more-trouble-for-altcoins\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Cardano-price-ADAUSDT-ADA-Solana-price-SOL-price-SOLUSDT.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Cardano-price-ADAUSDT-ADA-Solana-price-SOL-price-SOLUSDT.jpg?fit=640%2C360\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"ada price\",\"ada price analysis\",\"adausdt\",\"cardano\",\"sol\",\"sol price\",\"sol price analysis\",\"solana\",\"solusdt\"],\"dateCreated\":\"2023-10-13T14:00:16Z\",\"datePublished\":\"2023-10-13T14:00:16Z\",\"dateModified\":\"2023-10-13T14:00:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Cardano-price-ADAUSDT-ADA-Solana-price-SOL-price-SOLUSDT.jpg?fit=640%2C360","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/555324"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=555324"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/555324\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/555326"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=555324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=555324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=555324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}