Here's Why the Crypto Market is Down | Credit: Hameem Sarwar
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Key Takeaways
The crypto market cap (TOTALCAP) reached its highest-ever weekly close last week.
Bitcoin’s Dominance (BTCD) has completed a long-term A-B-C corrective structure.
The altcoin market cap (ALTCAP) reached a new all-time high on Sept. 18.
The crypto market just saw one of its strongest weekly closes ever, fueling both excitement and questions about the next move.
Despite today’s pullback, several charts suggest the bigger trend is still intact.
Let’s break down why the downward movement happened and how long it will continue.
Why Is the Crypto Market Down?
The crypto market cap created its highest-ever weekly close last week at $3.98 trillion.
While this was the highest weekly close, it is not an all-time high, since that was reached with a wick high of $4.17 trillion in August.
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According to the wave count, the crypto market is in the fifth and final wave of its upward movement that can end at a new all-time high of $4.5 trillion, reaching the channel’s resistance trend line.
So, despite today’s short-term decline, the long-term trend for the crypto market remains bullish.
Bitcoin Dominance Surges
The surge in the Bitcoin Dominance Rate (BTCD) during today’s crypto market crash is an interesting development.
Bitcoin’s dominance fell by 13% since June, hitting a low of 57.17% on Sept. 13.
While the decline has been substantial, it may be close to ending.
This is because the BTCD has completed an A-B-C correction, in which waves A and C (black) had the same length.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
