Altcoin Market Shows Strength
If you’ve been focusing solely on Bitcoin’s recent surge, you may have missed the fact that altcoins are also showing strength. While the total crypto market capitalization has dropped 2.3% in a day, it gained over $300 billion in the past month and maintained those gains.
Altcoin Market Momentum
Analyst ‘CryptoCon’ pointed out that altcoins are getting stronger despite Bitcoin’s major moves. They observed an uptrend in altcoin strength and the crossing of the 50-week SMA barrier, which historically led to strong upward price action in previous market cycles.
Another analyst, ‘Jelle,’ noted that altcoins are still in the early stages since the total altcoin market cap hasn’t broken out from the accumulation range yet.
Supertrend Indicator and Bullish Signals
Analyst ‘Moustache’ highlighted the Supertrend Indicator, which has flipped to a buy signal for altcoins, signaling a potential bull market. Crypto influencer Dan Gambardello also mentioned Blackrock’s acknowledgment of altcoins chipping away at Bitcoin dominance as another bullish indicator for altcoins.
Fridays Retreat
Total capitalization has retreated to $1.43 trillion over the past 24 hours, indicating a cooling period. However, not all altcoins are in the red, with Dogecoin (DOGE) gaining 5.4% and Avalanche (AVAX) and Kaspa (KAS) surging by 18% and 20% respectively. On the other hand, Solana, Chainlink, and Polygon experienced losses.
Hot Take: Altcoin Market Outlook
The recent strength displayed by altcoins suggests that they might be gearing up for a bull market similar to previous cycles. With indicators such as the Supertrend Indicator flipping to a buy signal and Blackrock’s acknowledgment of altcoins’ potential, it’s worth keeping an eye on these digital assets as they could potentially follow Bitcoin’s lead in an upcoming market shift.
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