#Altcoins #Bitcoin #CryptoBullCycles #CryptoMarket #MarketMomentum #Ethereum #Cryptocurrency #CryptoAnalysts
Bitcoin has been the center of attention lately, as it managed a significant surge of almost 30% over the previous month. However, other alternative cryptocurrencies (altcoins) that generally follow Bitcoin’s trends are also demonstrating impressive market resilience, reflecting patterns that resemble previous cryptocurrency bull market cycles.
Total cryptocurrency market capitalization has decreased by 2.3% on the day, but over the past month, it has managed to amass more than $300 billion and maintain those gains. Analyst CryptoCon noted that altcoins were growing stronger despite significant moves made by Bitcoin. The existence of this trend is defined by both the uptrend in the strength of altcoins and the crossing of the 50-week Simple Moving Average (SMA) barrier, which in past market cycles, such as those in 2016 and 2017, has indicated robust upward price action. This cyclical cross, although expected in the following year, has come early this time.
While this is a promising sign, the total altcoin market cap hasn’t broken out from the accumulation range yet, according to analyst ‘Jelle’, indicating it might be too early to celebrate for altcoins. Influential cryptocurrency figure and Cardano advocate, Dan Gambardello, shared a bullish perspective on altcoins, pointing out that altcoins are challenging Bitcoin’s dominance, something the asset management giant, Blackrock, has publicly acknowledged.
The usual pattern after a market cycle change is initiated by Bitcoin continues with Ethereum and other high-cap altcoins following before the broader altcoin market reacts. The recent trend indicates that things are starting to move for the altcoin market, however; it is still early in the epicenter of the action. Despite a slight pull-back, altcoins like Dogecoin (DOGE), Avalanche (AVAX), and Kaspa (KAS) still show positive gains, reinforcing the growing strength of altcoins in the current market climate.
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