The Chart depicts the current state of the market for Altcoins (excluding top 10 coins). It is a pity that the Trump election win catalyst was short-lived. The Bitcoin MVRV Z-Score still does not show that the Bitcoin has peaked so the long-term trend is still intact. However, even though Alts look really attractive they might need further consolidation (a further 30-50 percent drop from current levels). The index can simulate a parrallel drop from March 2024 high to August 2024 lows, similarly from early December 2024 peak to a potential late March early April 2025 lows. Apart from the trendlines, a 60% from the high of 451bn would give a market cap of 180bn. This is a very important index to follow, because it seems that the top 10 coins (including bitcoin/ethereum) are weathering the storm, whilst in reality, Altcoins have been battered, bludgeoned and beaten. No smart money so whilst there is more money going in Alts, preference is given to the top 10-20 coins (that have been supported). This is not financial advise, do your own due diligence.
Adrian Sciberras
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Adrian Sciberras
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.