What Is Happening To Altcoins? – Crypto Piece
Altseason Is Brewing
Even though Bitcoin has been ranging right around the ATH levels, similar to past cycles, the altcoin market has been taking a beating in recent weeks. Prices are down for most altcoins by over 30-40% in just the last 2 months. Is the crypto bull run over? Well, a lot of crypto Twitter thinks so, but not us. Bitcoin is still following similar footsteps around the ATH, as seen in previous cycles. Once this level is cleared, it has usually acted as a green light for altcoins.
Most importantly, Bitcoin is still making higher lows and higher highs, as seen below. This in itself is a 101 uptrend.
Altseason Brewing
The chart below is a very telling one for the altcoin market. The top panel (Dominance of Bitcoin + Ethereum + USDT + USDC) has been closely following the bottom panel (Dominance of Bitcoin from 2018 to 2021). This fractal had anticipated that there would be a risk-off move within the crypto space with investors shifting to Bitcoin, Ethereum and stablecoins. While this could last a few more weeks, the chart shows that this is setting the stage for capital rotation back into altcoins AKA an altseason!
In the next section (for Paid Members), we’re going to take a look at another important fractal for the altcoin market. Then, we’re going to analyze the total crypto market cap excluding Bitcoin, total crypto market cap excluding Bitcoin and Ethereum, and total crypto market cap excluding the top 10. Analyzing these 3 components should give us a very good overview of the potential for an altseason.
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Altcoin Market Cap Fractal