The cryptocurrency market is experiencing a downturn, with the total market capitalization dropping 3% in the past 24 hours to $2.4 trillion. Bitcoin, the flagship coin, has been struggling to stay above $63,000, a critical support level. If it fails to hold this level, it may retest the $60,000 support level, which could have a ripple effect on the altcoin market.

According to crypto analyst Ash Crypto, the altcoin market may experience a 15-20% drop if Bitcoin continues its bearish trend. This could be followed by a period of consolidation lasting 6-9 months before the next major altseason. The analyst notes that the altcoin market capitalization has dropped below the mega bull trend line, indicating a potential final round of capitulation before the next major upswing.

The Ethereum network, on the other hand, is showing signs of increased activity, with the number of active addresses reaching a three-month high of over 617,000 last week. This has led to midterm bullish speculation, especially with the upcoming listing of spot Ether ETFs in the United States. BlackRock and Fidelity have already seeded their respective spot Ether ETFs ahead of next month's listing.

The potential crash in the altcoin market has sparked concerns among investors. If Bitcoin's price continues to drop, it may lead to a cascade of selling in the altcoin market, resulting in a 30-40% crash. This would be a significant correction, but some analysts believe it is necessary to purge the market of excess speculation before the next major upswing.

In conclusion, the cryptocurrency market is experiencing a period of uncertainty, with Bitcoin's struggles potentially impacting the altcoin market. While some analysts predict a significant correction, others believe it is necessary for the market to consolidate before the next major upswing. As the market continues to evolve, investors are advised to exercise caution and diversify their portfolios to minimize potential losses.