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Here’s why altcoin investors should be wary, despite the recent gains
The recent upsurge in the cryptocurrency market has led many to believe that it is time for altcoins to shine. However, a closer look at the data suggests otherwise. As of now, the Bitcoin Dominance (BTC.D) tracks the share of BTC’s market cap against the entire crypto market cap, and its rising trend over the past two years has been a sign that altcoins have bled against BTC. This level, having been flipped to support back in early 2020 and then resistance in 2021, has now flipped back to support again.
The ETH/BTC performance was an eyesore and a discouragement for investors. Ethereum’s network activity and fees were falling sharply, reinforcing the bearish outlook. The recent gains may have brought a short-term increase in investor confidence, but they should not be taken as a sign of long-term stability.
A closer look at the total market capitalization of altcoins excluding Ethereum (TOTAL3) reveals that it fell below $750 billion in the first week of April, only to nearly climb back above this level since then. While this may have provided some relief for investors, it is crucial to note that this upward movement was not enough to say that long-term strength has been achieved.
Furthermore, if 75% of the top 50 crypto assets perform better than BTC over a period of ninety days, it can be considered an alt season. As of now, we are far from reaching this benchmark.
Source: https://ambcrypto.com/heres-why-altcoin-investors-should-be-wary-despite-the-recent-gains/
