Crypto market volatility has increased even more since Russia invaded Ukraine about a month ago.
As the President of Ukraine urges others to prepare to defend their homes against Russian soldiers and attacks, the invasion has also upended life for Ukrainian citizens, with many fleeing the country.
Global financial markets, including cryptocurrency, will experience volatility as the war continues.
A leading crypto analyst updates his forecast on cryptocurrencies such as Bitcoin and Ethereum and says altcoins such as Solana are on the rise.
In a recent tweet, top analyst Justin Bennett says altcoins are heating up because Bitcoin’s market dominance has inverted.
- A rise in Bitcoin’s inverted market dominance is actually an increase in altcoin market dominance, as the recent price movement indicates, according to Bennett.
- Bitcoin (BTC) traded slightly below 41K during on Friday with several major altcoins staying firm
- At the time of writing, bitcoin is trading just under $41K roughly where it stood 24 hours ago before it surpassed the psychologically significant $40K barrier.
- The climb in global equity markets was initially attributed to China’s decision to boost its real estate and tech industries, which quelled investor jitters over a regulatory crackdown and a faltering economy.
Bennett said smart contract altcoin Solana is poised for a BTC-dependent breakout in the latest edition of his Cryptocademy newsletter.
“Solana is opening up for a breakout … however, it still needs to close the day above $85 to confirm. This is still speculative for now.
“The price of Solana could move up to $118 if it can break free of this trend line. It might reach $150 if it breaks above that line.
“It all depends on other markets, such as the US dollar index, the total crypto market cap, and the performance of bitcoin over the next few days,” Bennett said.
Bennett turns to Ethereum, which has been on a downward trend in November 2021.
He said, “The ETH price is testing the November trend line today following a 6% rally. The level is currently just under $2,800.
“The breakout should be confirmed by a daily close above that area exposing $3,000 as the next target. Buyers will have to test that next.
“Above $3,000 and I think we see Ethereum sprint toward $3,600.
Bennett concludes by assessing the total crypto market capitalization as evidence of a breakout in his altcoin season prediction.
“According to the total crypto market cap chart, a breakout is imminent this week. A break higher would be ideal for a retest of the $2 trillion area.
“Nonetheless, a breakout has not yet been confirmed. Alternatively, a rotation lower is likely to find support around $1.65 Trillion,” he concludes.
