- Bitcoin is in recovery after a sharp correction, but altcoins may be in danger in the coming days.
- Bitcoin’s sharp correction has pulled down altcoin prices, with a warning on the subject coming from 10x Research.
- Crypto currency analysis and research company 10x Research stated in its report published on May 8, that approximately $2 billion worth of unlocks will take place over the next 10 weeks, which could pull the market down.
Bitcoin’s recovery after a sharp correction could spell danger for altcoins, according to a report by 10x Research. The report suggests that approximately $2 billion worth of unlocks over the next 10 weeks could pull the market down.
Bitcoin’s Impact on Altcoin Prices
Bitcoin’s recent sharp correction has had a significant impact on altcoin prices. The leading cryptocurrency’s volatility often dictates the direction of the entire crypto market, and this recent downturn has been no exception. As Bitcoin attempts to recover, many altcoins are still struggling, with some analysts predicting further downside.
10x Research’s Warning
10x Research, a crypto currency analysis and research company, has issued a warning regarding the potential impact of these unlocks on the market. In a report published on May 8, the company stated that approximately $2 billion worth of unlocks will take place over the next 10 weeks. This influx of coins into the market could create selling pressure, potentially pulling prices down further.
Altcoins at Risk
The report suggests that a number of altcoins could be particularly at risk. These include Aptos (APT), Starknet (STRK), Arbitrum (ARB), Immutable X (IMX), Avalanche (AVAX), Optimism (OP), PRIME, Sui (SUI), Ethena (ENA), Altlayer (ALT) and XAI tokens. These coins represent a combined value of approximately $2 billion, and their entry into circulation could significantly impact the market.
Conclusion
While Bitcoin’s recovery is a positive sign for the crypto market, the potential impact of these upcoming unlocks cannot be ignored. Investors should be aware of the potential for increased volatility and price pressure in the coming weeks. As always, a cautious and informed approach to investing is recommended.
