All attention has been focused on Bitcoin, which has surged nearly 30% in major markets over the past month. However, altcoins that generally lag behind their older brother Bitcoin are also showing strength in a pattern that reflects previous bull market cycles.
On this day, the overall cryptocurrency market capitalization decreased by 2.3%. Nonetheless, it has made and maintained profits of more than $300 billion over the past month.
Altcoin market momentum
On November 17, analyst ‘CryptoCon’ observed that altcoins are growing stronger despite major movements in Bitcoin. They said:
“This is clearly evident by the upward trend of altcoin strength and the intersection of the 50-week simple moving average (SMA) barrier.”
Previous market cycles, such as 2016 and 2017, saw strong upward price movements following this technical indicator crossing.
But the cross came a little early this cycle, as is usually expected next year.
“2016-2017 will likely see stronger price action for both Bitcoin and altcoins and less ‘2020’ nonsense,” the analyst added.
However, analyst ‘Jelle’ pointed out that the situation for altcoins is still at a very early stage, as the total altcoin market capitalization has not yet broken out of the cumulative range.
Fellow analyst ‘Moustache’ highlighted:Supertrend Indicator” From a November 17 altcoin post. The indicator has turned into a buy signal for altcoins, which it did before previous bull markets.
Dan Gambardello, cryptocurrency influencer and Cardano advocate offer Another bullish angle for altcoins:
“Did you know that Blackrock knows that altcoins are undermining Bitcoin’s dominance and has publicly acknowledged this in its filings?”
Bitcoin is the market leader that moves first when the cycle changes. Ethereum and other high-denomination altcoins then follow before the rest of the altcoin market, which typically lags behind, moves on.
Read more: 7 cryptocurrencies you need in your portfolio before the next bull market
friday retreat
By all accounts, altcoins are still in their infancy, but things are starting to wake up.
Nonetheless, total capitalization retreated to $1.43 trillion in the last 24 hours as the cooling off period began.
However, not all altcoins are in the red. Dogecoin (DOGE) is bucking the trend with a 5.4% gain. Avalanche (AVAX) is up 18% today to top $24, while Kaspa (KAS) is up 20% on the day.
The biggest altcoin losses were Solana (9.6%), Chainlink (5%), and Polygon (MATIC), which fell 4.7% on the day.
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