Total Altcoin Market On Its Way To $1 Trillion Market Cap
1 Year ago, on March 31, 2020 the total altcoin market was valued at $62 billion. Today Ethereum alone is valued at $210 billion.
TOTAL2 measures the total market cap of all altcoins (Total crypto market with BTC excluded).
The Total Altcoin Market is currently valued at $700 billion while BTC has a market cap of $1 trillion.
Looking at TOTAL2 there is resistance at current market cap level of around $700b.
The altcoin market is continously making higher lows and is creating somewhat the same highs.
This is creating an ascending triangle meaning we can see global breakouts across altcoin markets in the coming days.
The Relative Strength Index is showing bullish progression. RSI seems to be "breaking out", an RSI level of 85 seems like a good index level as a target.
On the Weekly Timeframe you can see this market is healthy by retesting previous alltime high zone:
Does this market structure look familiar to you? It might remind you of BTCUSD at the end of 2020, it has the same type of market structure.
If the altcoin market follows the same course, things could get very exciting for altcoins:
Next I looked at some of the top-10 altcoins by market cap such as ADA, BNB & THETA and they all look bullish or creating bullish patterns.
If the total altcoin market increases 42% in value, the altcoin market would be valued at a market cap of $1 trillion.
This is a huge psychological level and when BTC hit $1t market cap this created alot of FUD and Bitcoin dipped 30%.
BTC's Dominance in the overall crypto market remarkably finished making a perfect Elliot Wave:
(This chart works with percentages on the y-axis.)
3 strong impulsive waves (1-3-5) followed by a 2 corrective waves (A-C) and retested previous trend perfectly (B).
Great Elliot wave!
Bitcoin also pulled back perfectly to the 50k USD zone.
This is very promising for the longterm! The longer price stays around this area, the better it is remembered by people for the longterm.
If a number like that is skipped too fast it can create unsustainable growth and uncertainty/doubt for the future.
Also when Bitcoin increases in value, it is almost inevitable altcoins will too.
So I come to my last bit I want to mention: every last Friday of the month the contract options of CME expire. This usually creates a dip nearing this point in time.
It's one of the biggest exchanges for trading derivatives and has an effect on the Bitcoins market:
TOTAL2 measures the total market cap of all altcoins (Total crypto market with BTC excluded).
The Total Altcoin Market is currently valued at $700 billion while BTC has a market cap of $1 trillion.
Looking at TOTAL2 there is resistance at current market cap level of around $700b.
The altcoin market is continously making higher lows and is creating somewhat the same highs.
This is creating an ascending triangle meaning we can see global breakouts across altcoin markets in the coming days.
The Relative Strength Index is showing bullish progression. RSI seems to be "breaking out", an RSI level of 85 seems like a good index level as a target.
On the Weekly Timeframe you can see this market is healthy by retesting previous alltime high zone:
Does this market structure look familiar to you? It might remind you of BTCUSD at the end of 2020, it has the same type of market structure.
If the altcoin market follows the same course, things could get very exciting for altcoins:
Next I looked at some of the top-10 altcoins by market cap such as ADA, BNB & THETA and they all look bullish or creating bullish patterns.
If the total altcoin market increases 42% in value, the altcoin market would be valued at a market cap of $1 trillion.
This is a huge psychological level and when BTC hit $1t market cap this created alot of FUD and Bitcoin dipped 30%.
BTC's Dominance in the overall crypto market remarkably finished making a perfect Elliot Wave:
3 strong impulsive waves (1-3-5) followed by a 2 corrective waves (A-C) and retested previous trend perfectly (B).
Great Elliot wave!
Bitcoin also pulled back perfectly to the 50k USD zone.
This is very promising for the longterm! The longer price stays around this area, the better it is remembered by people for the longterm.
If a number like that is skipped too fast it can create unsustainable growth and uncertainty/doubt for the future.
Also when Bitcoin increases in value, it is almost inevitable altcoins will too.
So I come to my last bit I want to mention: every last Friday of the month the contract options of CME expire. This usually creates a dip nearing this point in time.
It's one of the biggest exchanges for trading derivatives and has an effect on the Bitcoins market:
Comment:
Altcoin Season Index indicates it's Altseason! www.blockchaincenter...ltcoin-season-index/
Comment:
Total Altcoin Market surpassed $800B in market cap
Comment:
Altcoins are now worth $1 Trillion or $1,000,000,000,000!