As a seasoned crypto investor with a few years under my belt, I’ve learned to keep a close eye on both Bitcoin (BTC) and the broader altcoin market. The current state of the altcoin market is uncertain, with important resistance levels looming overhead. However, I firmly believe that the altcoins are poised for a breakout, but only if Bitcoin makes the first move.
The altcoin market is currently simmering with potential. Will altcoins experience a significant surge, mirroring Bitcoin‘s rise? Or will the market cap face rejection at the present crucial resistance point?
Altcoins await $BTC first move
The altcoins are on the verge of making significant moves. Crucial resistance points may soon give way, and the upcoming Nvidia earnings report, to be released today, has the potential to serve as the spark igniting the next phase of the altcoin rally.
Altcoins may not experience significant growth until bitcoin sets the pace with an uptrend. Given bitcoin’s current strong position, it’s only a matter of time before it initiates its next price increase, which could then lead altcoins to perform better and potentially surpass bitcoin’s gains.
Bitcoin dominance break?
The Bitcoin Dominance chart serves as a crucial signal for the commencement of an altcoin surge. On its weekly graph, dominance exhibits a triangular pattern, which typically results in a decline. Thus, it’s recommended to stay vigilant for a breach of this pattern’s bottom line.
Total altcoins capitalisation at resistance
There’s been much buzz about the imminent SEC approval of Spot Ethereum ETFs, which could significantly boost $ETH. However, a sell-the-news event is a possibility as $ETH has already experienced a dramatic price increase. Nevertheless, the overall altcoin market is expected to benefit from this announcement. The Total3 chart illustrates the cumulative market capitalization of all altcoins, excluding Bitcoin and Ethereum. In this chart, we can observe that the current price is encountering resistance. Yet, the weekly stochastic RSI has recently turned upward, suggesting a substantial surge in momentum, potentially propelling altcoins to new heights.
Spot Ethereum ETF approval to spark wide-reaching repercussions
The potential approval of Spot Ethereum ETFs may bring significant consequences for the entire crypto market. This could mark Ethereum’s acceptance as a commodity by the SEC instead of being classified as a security. If Ethereum ($ETH) is deemed a commodity, numerous other altcoins might follow suit. An intriguing development on the horizon.
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2024-05-22 16:08