As a seasoned analyst with years of experience navigating the crypto market, I’ve seen many bull and bear cycles come and go. The recent surge in altcoins could indeed be the start of an exciting new stage in this bull market.
Are altcoins gearing up to climb along with Bitcoin, given that their total market value is breaking through a significant barrier? Might this mark the beginning of an upcoming bullish phase in the market?
Altcoins stirring at last
At long last, the lesser-known cryptocurrencies known as altcoins are showing signs of activity. In this ongoing bull market for cryptocurrencies, there’s no denying that Bitcoin has been the dominant force, leading the charge without a doubt. Compared to Bitcoin, only a small number of altcoins have managed to keep pace, and even fewer have surpassed it in performance.
After witnessing the recent spike in Bitcoin’s price to $, I find that several altcoins are deviating from their established trends, and for the first time, the total market capitalization of these altcoins is surpassing previous boundaries.
Total3 channel breakout
Examining the daily chart for Total3 (the total market capitalization of all cryptocurrencies aside from Bitcoin and Ethereum), it’s clear that the downward trending channel containing the altcoin market cap has been breached, moving upward.
According to the graph presented, the candle wick dipped to touch the 0.618 Fibonacci level at approximately $480 billion, and since then, Total3 has surpassed that mark. Since the chart pattern appears as a bull flag, the potential increase, calculated using the measured move method, would be around $975 billion. This is significantly more than half of the current market cap of $600 billion.
OTHERS chart about to reverse trend
The chart labeled “OTHERS” carries a greater importance when it comes to understanding the altcoin market. This graph displays the total market capitalization of all cryptocurrencies that are not among the top 10 with the highest market caps. Currently, these lesser-known altcoins have managed to break free from their downward trend, and if they can achieve a new high point, it could mark a reversal in this trend.
In simpler terms, the Fibonacci levels serve as potential points where the price action may face significant resistance. The first major level that was surpassed was the 0.382 Fibonacci level at approximately $233 billion. Further potential resistance points can be found at the 0.618 level, estimated to be around $284 billion, and the 0.786 level, projected to be around $320 billion.
Still waiting on Bitcoin
Despite the ongoing bullish trend among alternative cryptocurrencies, they’re still waiting for Bitcoin, the crypto leader, to give a green light. Once Bitcoin breaks through its bull flag pattern towards an upward direction, it’s expected that other altcoins will follow suit, potentially experiencing significant growth.
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2024-09-23 14:06