Altcoins, meme coins, and layer-1 cryptocurrencies are facing volatility as Bitcoin grapples with stability concerns. Bitcoin is currently struggling to maintain its crucial support level at $63,500, highlighting the broader market's uncertainty.

The most recent report from the cryptocurrency market indicates a slight increase in global crypto activity, yet notable declines are evident. The overall market capitalization has decreased by 1.79%, amounting to $2.33 trillion, with a significant drop of 19.83% in total trading volume, now standing at $63.56 billion.

Bitcoin's struggle to uphold support levels following its fourth halving on April 20, specifically around the $62,700 to $63,500 range, has drawn attention to altcoins. Memecoins and layer-1 cryptos have emerged as frontrunners in outperforming Bitcoin in the past month, sparking conversations among traders about a potential altcoin season.

Observations from the Market

In the past month, the altcoin market has seen considerable value growth, particularly amidst concerns surrounding Bitcoin's halving. However, major altcoins are currently facing a decline in their values, indicating a possible market reversal or consolidation in the near future.

Ethereum (ETH), the second-largest cryptocurrency, is facing resistance in surpassing the $3,150 threshold, while both BNB and Solana have witnessed 3% and 5% declines in their prices over the last 24 hours.

The significant hype surrounding meme coins, which has captivated the market's attention, is also experiencing a notable reduction in prices. Well-known meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE are among those registering significant drops in their values.