Altcoins' last bull rally before a tumble?
In this graph we have the dominance of altcoins disregarding stable coins.
The calculation is done as follows:
TOTAL = Crypto Total Market Cap
TOTAL2 = Crypto Total Market Cap excludes BTC
USDT = Market Cap of stable coin USDT
USDC = Market Cap of stable coin USDC
DAI = Market Cap of stable coin DAI
So:
Altcoins Dominance % = (CRYPTOCAP:TOTAL2-CRYPTOCAP:USDT-CRYPTOCAP:USDC-CRYPTOCAP:DAI)/CRYPTOCAP:TOTAL*100
Looking at the chart the index is in a bearish channel.
It will apparently test the top of the channel at wave 4 resistance.
If this channel breaks, we will have an extremely bullish scenario, surpassing all expectations, due to the horrible macro scenario.
Otherwise the downtrend continues, heading towards the end of wave 5.
The calculation is done as follows:
TOTAL = Crypto Total Market Cap
TOTAL2 = Crypto Total Market Cap excludes BTC
USDT = Market Cap of stable coin USDT
USDC = Market Cap of stable coin USDC
DAI = Market Cap of stable coin DAI
So:
Altcoins Dominance % = (CRYPTOCAP:TOTAL2-CRYPTOCAP:USDT-CRYPTOCAP:USDC-CRYPTOCAP:DAI)/CRYPTOCAP:TOTAL*100
Looking at the chart the index is in a bearish channel.
It will apparently test the top of the channel at wave 4 resistance.
If this channel breaks, we will have an extremely bullish scenario, surpassing all expectations, due to the horrible macro scenario.
Otherwise the downtrend continues, heading towards the end of wave 5.
To contribute to my work:
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⚡Bitcoin Lightning: forwardocean64@walletofsatoshi.com
🟠Bitcoin: bc1qv0j28wjsg6l8fdkphkmgfz4f55xpph893q0pdh
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