Altcoin Season Delayed: Market Analyst Weighs In on Bearish Trends

The cryptocurrency market has seen a sharp decline in the last 24 hours due to selling pressure from Asian markets and growing fears about a potential Fed interest rate hike.

Bitcoin (BTC) and Ethereum have stabilized above their 50-day moving averages, which is often seen as a sign of an uptrend. However, not all altcoins are faring well, with only 29 of the top 100 cryptocurrencies by market capitalization trading above their 50-day averages.

According to Omkar Godbole, a market analyst, this suggests a general bearish trend for the market. Despite this, Godbole notes that Ethereum's recent outperformance of Bitcoin increases the likelihood that other altcoins will also see strong demand soon.

The market is closely watching the Fed's interest rate decision, which will be announced in September. Matthew Ryan, Head of Market Strategy at Ivery, comments that 'a hawkish shock that would significantly strengthen the dollar is unlikely,' as the possibility of a September interest rate hike is already priced into the futures market.