Total Crypto Market Capitalization Holds Gains Despite Daily Dip
Although the total crypto market capitalization is down 2.3% on the day, it has accrued over $300 billion in the past month and maintained these gains.
Altcoins Show Resilience and Uptrend
Analyst 'CryptoCon' notes that altcoins are growing stronger despite Bitcoin's dominance. The cross of the 50-week SMA (simple moving average) barrier indicates a notable uptrend in altcoin strength. Similar patterns have historically led to strong upward price action in previous market cycles, notably in 2016 and 2017.
Early Cross of Technical Indicator Signals Potential
The recent cross of the 50-week SMA barrier, though occurring earlier in the cycle than expected, hints at the potential for more powerful price action reminiscent of the 2016-2017 period for both Bitcoin and altcoins.
Altcoins Yet to Break Accumulation Range
Analyst 'Jelle' suggests that altcoins are still in the early stages, as the total altcoin market cap hasn't broken out from the accumulation range.
Supertrend Indicator Flips to Buy Signal for Altcoins
Analyst 'Moustache' highlights the "Supertrend Indicator" signaling a buy for altcoins, a trend observed before previous bull markets.
BlackRock Acknowledges Altcoins Impact
Crypto influencer Dan Gambardello notes that BlackRock recognizes altcoins are eroding Bitcoin dominance, a sentiment publicly acknowledged in their filing.
Bitcoin Leading the Cycle Shift
As Bitcoin leads the market with its initial surge, analysts anticipate Ethereum and other high-cap altcoins to follow suit before the broader altcoin market reacts, echoing historical market dynamics.