Blockstream CEO Critiques Altcoins and Memecoins

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 17 hours ago

BTC+0.787%

ALT-4.75%

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Market Efficiency Warning: Blockstream CEO Adam Back warns that market efficiency may push many altcoins and memecoins towards near-zero prices, reflecting skepticism about their long-term value, especially as Bitcoin dominance hovers around 59%.
Bitcoin Dominance: With Bitcoin's dominance near 59%, the momentum for altcoins is constrained, as nearly 40% of altcoins are trading near all-time lows, indicating a weak risk appetite among investors.
Memecoin Vulnerability: Back highlights that memecoins, driven by online attention rather than stable demand, have a market cap exceeding $34 billion, but they tend to experience sharper declines during liquidity tightening, raising concerns about their long-term viability.
Challenges for Altcoin Recovery: A full recovery for altcoins would require Bitcoin to stabilize, its dominance to decrease, and an improvement in risk appetite; without these conditions, traders are likely to continue favoring Bitcoin and a select group of liquid large-cap tokens.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	69597.652	71943.626	74535.822	76881.796	79473.992	81819.966	84412.162
Fibonacci	71943.626	73830.007	74995.415	76881.796	78768.177	79933.585	81819.966

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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