- Bitcoin dominance trend impacts altcoin sentiment, Ethereum’s PoS influence.
- Global crypto market cap holds strong at $1.09T.
Amidst a crypto market dominated by bears, the global cryptocurrency market cap stands strong at $1.09 trillion. In the past 24 hours, a minor surge of 0.27% has occurred, reflecting a notable shift of 6.62% from a year ago. While Bitcoin (BTC) asserts its authority with a market cap of $507 billion, constituting 46.4% of the total market, the altcoin realm has not bowed down. Altcoins are surging in market capitalization alongside Stablecoins, which hold a formidable market cap of $124 billion. It is claiming an 11.38% stake in the crypto landscape.
Dubbed as the “HODLing Phase” by analysts, the ongoing market turbulence finds whales, the crypto market’s significant players, setting the stage with vigilance. Santiment reports a surge in whale activity at the start of the week. The impact is evident in the market cap growth of numerous altcoins. Notably, networks witnessing transfers exceeding $10 million are creating ripples of volatility. Tokens like AAVE, COMP, CRV, IMX, & YGG are capturing attention as they ride the waves of change.
A spotlight on the above altcoins Price reveals volatility as well. AAVE, with a 3.29% surge in the past week, stands firm at $57. In contrast, COMP reflects a 7% dip, resting at $41. CRV has gained 5.61% in the last 7 days, with a notable 93.88% spike in trading volume over 24 hours. Immutable (IMX) has witnessed a 6.59% decline over the same period.
Navigating the Altcoin Landscape
As market dynamics shift, the question on investors’ minds is whether the current landscape heralds a new altcoin season. The past has seen altcoins skyrocket to extraordinary multiples, only to plummet afterward, often losing 90-99% of their peak value.
To predict the altcoin resurgence, three essential factors come to light: sentiment, price patterns, and underlying fundamentals.
Social media platforms have emerged as sentiment indicators. On platforms like YouTube, views related to cryptocurrencies have dwindled by 80-90%. Google searches exhibit a similar trend, signifying waning interest. Engagement has hit bear market lows. This scenario hints at the presence of survivors from the previous bear market, indicative of prevailing skepticism—a hallmark of early market recovery.
However Altcoin projects continue their evolutionary journey. While fraudulent ventures have faded away, robust and innovative projects flourish. Ethereum’s transition to Proof of Stake (PoS) and the imminent launch of Ethereum ETFs demonstrate ongoing progress. Chainlink’s Chainlink Community Improvement Proposal (CCIP), Polygon’s impending Polygon 2.0 upgrade and broader DeFi and NFT advancements underscore the ecosystem’s vibrancy.
According to Analysts , Drawing parallels from previous cycles, a period of high Bitcoin dominance, a precursor to halving events, often marks altcoins’ lowest sentiment. Current indicators lean towards a continuation of this pattern. Ethereum’s performance against Bitcoin adds intrigue. Unlike past cycles with pronounced corrections, the current cycle’s contraction is modest due to Ethereum’s transition to Proof of Stake (PoS).
Some analysts suggest that accumulating positions, applying Dollar-Cost Averaging (DCA) during this period, and holding for two years could be the optimal approach.
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