“`html
Summary
The altcoin market has been under bearish control for the past week, with a global crypto market cap decline of 2.41% to $2.33T. Various factors have contributed to the prolonged decline, including new coin launches and oversupply, creating a challenging environment for investors.
Introduction
The altcoin market has faced significant challenges recently, with a steep fall in prices and an imbalance between demand and supply. Analysts suggest that around $200 million daily is required to stabilize the prices of newly launched coins, adding to the market’s struggle to cope with the influx of upcoming assets.
Main Points
Bitcoin’s influence on other altcoins is evident, with BTC trading at $65,181 and struggling to break the $65K range. Ethereum, Dogecoin, Cardano, Shiba Inu, and Uniswap have all experienced declines in prices over the past week. These altcoins are facing challenges in maintaining positive momentum, with resistance and support levels fluctuating.
Conclusion
As the altcoin market continues to face pressure from market fluctuations, investors are closely monitoring the situation. The highlighted news of the day focuses on Shiba Inu, which is under intense pressure as the market remains volatile. Altcoin investors are advised to stay informed and cautious during these challenging times.
“`