Why we maybe about to see ALTS revived....A Surprising structure
This is the OTHERS.DOMINANCE chart on \ MONTHLY scale.
Altcoins Dominance — Index Chart - TradingView
Crypto Total Market Cap Excluding Top 10 Dominance, %. OTHERS.D Crypto Market Capitalization. OTHERS.D
I have marked the Bitcoin Halvings and ATH also as a marker and we have a number of very interesting things to note.
Lets start at the beginning.
ALTS first came into being in 2011 with Namrecoin and Litecoin. This is how we manage to have the OTHERS.D before Ethereum was created in 2015. Many think ETH was first, it was not.
We shold pay attention to the Gashed horizontal line going across the chart. PA rose above this in early 2017 and has remained above it ever since. In fact, this line has acted as support 3 times previously and is currently acting as support to the PA Right now.
This cold lead to the ALT recovery we need right now.
BUT, also take note of the day Spans of A - B and Aa - Bb
https://www.tradingview.com/x/cZgFHCGF/
Span A is from the BTC ATH to the next Low on the OTHERS.D PA, From that Low, see how it rose Through the BTC HALVING ( dotted yellow line) - This is span B.
See how it Dropped down to the line of support and then Rose and created an ALT Season
Now Look at Span Aa from the Nov 2021 BTC ATH. We have a VERY similar day count to when OTHERS.D returned to the line of sippport, where it once again, bounced up and begins the Span of Bb.
But this time, when BTC Halving came in, OTHERS.D PA has Dropped sharply, earlier than last time. This is very likely to be because of BTC.D and the Long Term Holding, Buying of Bitcoin for ETF's and the Sentiment.
So the real question now, is will OTHERS.D PA Bounce as previously or will support fail
And for that, we have to wait and see.
It is worth noting that ALTS is a massive market and while the Dominance maybe falling, we can still see some ALTS like Solana Race to the top with 1000% Gains.
This chart is a Long Term Gauge of where the marklet goes and it should also be nothed that Bitcoin has reached ATH while this PA also rises.
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