After the Middle East conflict caused market turmoil, altcoins gradually recovered.
The aftermath of the market turmoil caused by Iran's bombing of Israeli territory has not yet subsided, but altcoins have quietly embarked on the road to recovery, and some currencies have almost returned to their pre-crash prices.
After the news that Iran launched missiles at Israel on Tuesday, the price of Bitcoin fell by more than 5%. The sudden escalation of the Middle East conflict caught the market off guard, and the prices of various assets generally fell sharply.
Bitcoin then quickly bottomed out and rebounded strongly from the 60,200 price on Tuesday. The rebound momentum continued on Wednesday. As Bitcoin recovered, the altcoin market also ushered in a recovery, and some currencies have almost regained their lost ground.
The Total3 index tracks the total market value of all cryptocurrencies except BTC and ETH. The chart shows that the Total3 index has perfectly retested the top of the bull flag. Despite facing a new resistance level of $615 billion, the total market value is still climbing steadily. As long as the conflict in the Middle East does not escalate further, the altcoin market will remain stable.
The Bitcoin Dominance Index has continued to decline from a high of 58.6% and is currently below 57.7%. The index may fall further in the future, but the continued escalation of current global conflicts may also push Bitcoin's dominance higher again.
Among many altcoins, Sui has performed particularly well, far outperforming Bitcoin and most cryptocurrencies. Looking at SUI's short-term chart, it is not difficult to find that the market turmoil on Tuesday seems to have no effect on it. On Tuesday, SUI prices reversed 13% from high to low in a very short period of time, and then rebounded quickly. On Wednesday, the price returned to the local high of $1.91 and continued to remain above the 0.786 Fibonacci retracement level. SUI's all-time high of $2.18 is waiting for its arrival.
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