The altcoin market moved upwards, led by Bitcoin, after the US CPI data for March, which was announced recently. As BTC price rallies above $30,200, crypto analysts are warning of possible dips in the altcoin market.
Benjamin Cowen sets new lows for leading altcoin
The US CPI data released on April 12 is followed by Ethereum’s Shanghai upgrade. A potential selling pressure was expected in this upgrade as the hefty amount of ETH staked in December 2022 will be released. In his recent analysis, Cowen expects the rising BTC price with Shanghai to put negative pressure on ETH.
The analyst reminded that during the years when the crypto market was in the recovery phase, Bitcoin outperformed altcoins. He also warns that altcoins could crash much faster if the crypto moves down.
In his latest Youtube post, Cowen said that Ethereum could drop further before seeing ATH levels. On the potential selling pressure surrounding ETH, he noted:
Recovery years can still be brutal for the altcoin market in general. Therefore, we must remember that Bitcoin tends to outperform the majority of the altcoin market during the recovery.
Polkadot (DOT) shows basic signs of weakness
Analyst for Youtube channel InvestAnswers said in a new strategy session that there are many developments in the interoperability ecosystem, however, Polkadot is experiencing a lack of adoption, which is a negative sign for any Blockchain project:
Unbelievably good performance of Polkadot compared to the others. [gelişme] has points. But it lagged behind in terms of adoption.
According to crypto analyst Polkadot, it could solve the adoption problem overnight if Blockchain develops a great use case that attracts millions of new users:
Crypto is not loyal. We’ve seen how some Blockchains are slowly disappearing. But some may explode and develop unexpectedly. I don’t know if Polkadot will be one of them. I don’t know if some of the sub chains will be very successful. What I see is users are undecided. If they have an unrivaled market of value proposition products, millions of users may be gone overnight.
Can Polkadot increase network TVL with these factors?
cryptocoin.com As we reported, the number of DOT stakers has gained upward momentum in recent weeks. According to Polkadot Insider’s April 10 tweet, Polkadot’s network revenue has increased considerably over the past week. Also, DOT recorded the highest revenue with $1,473 on April 6, 2023.
But data from Token Terminal shows that DOT’s revenue has fallen marginally over the past few weeks.
However, DOT’s social volume remained high, reflecting its popularity. After the drop, DOT’s one-week price volatility also rose, raising the possibility of a sustained uptrend that could help boost the network’s TVL further. The DOT was also in demand among long position traders, which could be another positive sign for the token.
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