Analyst: Crypto market sentiment drops to a low for 2024, altcoin market may be nearing a phase of selling pressure

ChainCatcher news, according to cryptocurrency analyst Miles Deutscher, stated that although Bitcoin prices remain at high levels, overall market sentiment has fallen back to 2024 lows.

He pointed out that the correlation between cryptocurrency market sentiment and altcoin performance is higher than that of Bitcoin, and recently, altcoin performance has been weak. Deutscher raised the question of whether this indicates that the altcoin market is approaching a phase of selling pressure.