Most of the altcoins including Bitcoin have been trending within a very narrow range since the early trading hours. Yet Ethereum was expected to smash $5000 levels at the earliest, but the drain restricted the rally within a narrow range. And hence the target appears to be distinct for the ETH price. Therefore if Ethereum maintains this downtrend, then whether the Alt Season will be delayed?
No sooner than Evergrande announced it was unsure about its financial obligations, the crypto market experienced a free-fall. Bitcoin price slid down below $50,000 for the first time in the past 2 months. Also, the ETH price decline below $4000 which is sustained firmly amind multiple pullbacks. Hence after the current corrections, will the Altseason be deferred, or else whether the season may start as per the schedule, would be interesting to witness.
According to some reports, more than $300 million U.S. dollars liquidation occurred in the past hour of which $190 million BTC was liquidated.
BTC fell below 50,000 and ETH fell below 4,000. In the past hour, the entire network has liquidated more than 300 million U.S. dollars, of which BTC has liquidated up to 190m. Today is the day with the largest amount of liquidation since September 20. pic.twitter.com/2GTTUW6n35— Wu Blockchain (@WuBlockchain) December 4, 2021
A similar crash resembling May occurs within the market and the assets are also attempting hard to recover to the maximum. And in such cases, altcoins may take a little more time to recover. As fast recovery may lead to a temporary surge and hence consolidation after each leg up could be pre-programmed.
Collectively, the crypto space is falling prey to the China FUD yet again. Ethereum(ETH) price sustaining above $3700 can be considered as a positive sign. And hence with a notable rebound, the altcoins could also jump in action, kick-starting the Altseason. However, no matter whatever the market trend is, the bulls make money, the bears make money but the pigs tend to get slaughtered every time.