With all eyes on bitcoin’s dramatic bid to surpass its all-time-high, most altcoins are very much playing second fiddle. However, the combined market cap of the altcoins is solidly moving higher. Is now the time to unleash the alts?
A window for the alts to thrive
Obviously, the bitcoin drama is still on. The failure to make the all-time-high is only postponed for now, and all the while that $BTC accumulates underneath the summit, the altcoins can enjoy themselves.
In fact, even if $BTC does surpass its high from the last bull market, as long as it then enters a period of calmer, sideways action, the altcoins have a chance to thrive.
Source: Coingecko/Trading View
The Bitcoin Dominance chart is the first place to look in order to find out the health of the altcoins in relation to $BTC. In this long term picture we can see that dominance has stalled at the 54% resistance, at least for now. However the trend is still up until it’s broken. Therefore, we should maybe expect a higher percentage in dominance going forward, if $BTC can pierce through this resistance.
Huge potential altcoin pattern
Source: Coingecko/Trading View
Total 3 is the chart of the combined altcoin market cap, excluding $BTC and $ETH. So far this week, the alts have put on around 5%, to take their entire market cap to $677 billion.
The next major target could be at $839 billion. Once there, if there was a correction, this could lead to the formation of a handle, which could adjoin the most enormous cup. The measured move could take the altcoins to $1.4 trillion. Of course, this cup and handle pattern is too far into the future to predict, and is purely speculation at this point.
Leading altcoins
Back to the present, it appears that after yesterday’s dump for many of the altcoins, they are stirring again on Tuesday. The memecoin Dog Wif Hat (WIF) is already wiping out the losses from yesterday, and is currently back up at $1.85. Now the RSIs are resetting, $WIF could be about to make another explosive move.
Reversing back out of Wonderland, Theta (THETA), one of the leading coins in the DePIN (Decentralised physical infrastructure) narrative, has exploded higher today, at one point reaching an increase of 43%. Since then the price has fallen back to $3. That said, this token, and the network’s operational token Theta Fuel (TFUEL), are ones to watch out for as this crypto bull market evolves.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
