A prominent cryptocurrency investor believes that altcoins may be in a primary accumulation phase, pointing to a buy signal that has not been triggered this low for three years. Cryptocurrency investor Luke MartinIn a post on August 28, X explained to his 331,500 followers that altcoins are currently in the buying phase.
Exciting Statements for the Altcoin Market
Altcoin The buy signal chart provides traders with an indication of when the overall altcoin market is at a buy level based on historical data. Martin said that Bitcoin’s price has increased sixfold in the second half of the year from this level in the summer of 2020: A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
“The price rose vertically from 10,000 to 60,000 in the next 6 months.”
Meanwhile, crypto investor Mags explained that the altcoin market cap is forming a falling wedge pattern, which is a bullish continuation pattern. At the time of writing, the total altcoin market cap was $195.07 billion, according to TradingView. MN Consultancy founder Michael van de Poppe emphasized in an August 25 X post that this is still 47% off the highs. The altcoin market cap reached $446.85 billion in November 2021.
What’s Happening on the Altcoin Front?
Among the top 10 cryptocurrencies Toncoin (TON) fell 15.31% to $5.57, its biggest drop in seven days, following the arrest of Telegram CEO Pavel Durov in France on Aug. 24. Other altcoins have seen significant declines since the beginning of the year in March, which coincided with Bitcoin’s all-time high of $73,679.
Solana’s price has fallen 29% since its March peak to $143.20, while XRP has fallen 19.7% from its year-to-date high to $0.57 during the same period. Investor sentiment in the crypto market overall remains cautious, according to the Crypto Fear & Greed Index, which has a Fear score of 29. The indicator is down 10 points from its 39 score seven days ago.
Meanwhile Bitcoin Its dominance has fallen by 0.12% in the last seven days to 57.20%. But it’s not far from the 60% that crypto analyst and Into The Cryptoverse founder Benjamin Cowen believes could be the peak for Bitcoin dominance:
“I don’t think it will go back to 70% my target for Bitcoin dominance was 60%.”
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
