In a world where altcoins have been trampled underfoot like a hapless debutante at a society ball, one must not entirely dismiss the prospect of a glorious return. Should Bitcoin, that capricious sovereign of the crypto realm, finally decide to don its crown and embark upon the next phase of its bull market, one might expect a veritable stampede of altcoins in its wake. 🐴
Total2 chart suggests it’s not over for altcoins
Ah, the Total2 chart! A veritable tapestry depicting the market capitalisation of all cryptocurrencies, save for our dear friend $BTC. This chart reveals that the altcoin market cap is valiantly attempting to ascend above the formidable horizontal support band, which stretches from a modest $1.18 trillion to a rather ambitious $1.22 trillion. One can only imagine the altcoins, like determined underdogs, clawing their way back to respectability.
This horizontal support band, coincidentally, aligns with the pinnacle of the 2024 bull flag—an ideal locale for the resumption of our rally. And let us not overlook the rather dramatic candle wick from two weeks past, which plummeted to confirm a rising trendline before being whisked back up with all the urgency of a waiter retrieving a dropped soufflé. 🍰
Lastly, the Stochastic RSI at the bottom of the chart indicates that the indicator lines are, in fact, bottoming out. Fear not, dear reader, for the bull market for altcoins is far from extinguished. 🐂
OTHERS chart displays higher highs and higher lows
Now, let us turn our attention to the OTHERS chart, which chronicles the market capitalisation of all cryptocurrencies, excluding those illustrious denizens of the TOP 10. Thus, we graciously omit $BTC, $ETH, $XRP, $BNB, $SOL, $USDT, and their ilk. This chart provides a panoramic view of the medium to small cap cryptos, much like a sweeping vista of the English countryside—minus the sheep, of course.
As one can observe, the market cap did indeed plunge to the depths of the Fibonacci level of 0.786, resting at a paltry $216 billion. However, this was but a fleeting moment, akin to a bad hair day, and the market cap has since stabilised above the 0.618 Fibonacci. With a higher high already achieved and what appears to be an almost certain higher low in the making, the next rally could very well soar to dizzying heights, perhaps even eclipsing the $492 billion all-time high of the previous bull market. 🎢
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2025-02-20 15:07