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The altcoin market has taken off over the last three weeks. Is this set to continue, or is this just a short term rally?
Bitcoin has been the main focus of the bull market rally in crypto since the start of this year. However, with a few notable altcoin exceptions such as Solana, Injective, Render et al, the vast body of altcoins has not moved … until recently.
Altcoins market cap
Source: Trading View
Where this is made apparent is the Total3 crypto market cap, which is the total market cap of all the altcoins, but excluding BTC and ETH. It can be seen that around $73 billion has entered the altcoin space over the last 3 weeks, leading to a rally towards the resistance at $407 billion.
Source: Trading View
Bitcoin dominance is another chart where it can be seen that some value has started to leak out of bitcoin and into the alts. This is certainly not anything to write home about, but dominance has reduced from 54% to 52% over the last couple of weeks.
Be that as it may, a strong trend line below has been respected since late November 2022, and could well remain as a good support, with the very strong support at 49% not far underneath.
Altcoins will follow bitcoin
It could definitely be argued that bitcoin has not finished its upwards move quite yet. A break-through of $36,000 opens the door to a possible $48,000. If this happens, and bitcoin shows strength, the dominance could widen once again.
This being said, altcoins are bound to follow a big bitcoin move, and once the big daddy starts running out of steam, value will potentially flood out and into the altcoins. Positioning now in the most potent of the altcoins might be an excellent medium to long term play.
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