Altcoin News Official TheBitTimes.com

The altcoin sector suffered “one of its biggest devaluations on record” amid the recent crypto market downtick, according to the digital asset analytics firm Glassnode. Glassnode notes in a new Analysis that altcoins experienced significant sell-side pressure in recent weeks as Bitcoin (BTC) outperformed every altcoin subsector. “We can evaluate the magnitude of the drawdown by assessing the 14-day change in the global altcoin market cap. Over the last fortnight, the altcoin market cap declined by $234B, with a small handful of events days recording a larger absolute drawdown. The severity of this drawdown underscores the scale of the capitulation event and can be reasonably considered to be an event within a bear market within the altcoin sector. This is quite interesting as Bitcoin does not appear to display the same relative weakness, suggesting a divergence is opening up between BTC and the rest of the digital asset landscape.” Sourc...

The co-founders of market intelligence platform Glassnode are identifying two catalysts that need to line up for altcoin season to officially kick off. In a new thread on the social media platform X, Glassnode and Swissblock co-founders Jan Happel and Yann Alleman – who together share the handle Negentropic – say that based on historical precedent, altcoin season could start if Bitcoin’s (BTC) dominance levels start to fell and its price stabilizes above $100,000. “Flashback to February 2021. In the last cycle, February kicked off altcoin season. Could it happen again? Two key factors must align: 1) Bitcoin dominance must decline. 2) Bitcoin must hold a stable price above $100,000. The scenario seems to be shaping up – will history repeat itself?” Source: Negentropic/X However, the duo goes on to note that the top crypto asset by market cap’s recent rise in dominance and price has delayed altcoin season. “Dominance: 58%+. Price: Hol...

Digital assets markets started off the week in the red after Bitcoin (BTC) lost the $100,000 level and fell to $97,470, dragging most altcoins into corrections as well. According to crypto data aggregator CoinGlass, there have been over $567 million in liquidations in the last 24 hours, most of them leveraged long positions in Bitcoin. Closely followed analyst Rekt Capital tells his 519,000 followers on the social media platform X that the correction in altcoins has happened at a key point of resistance in the OTHERS chart, which tracks the total market of digital assets excluding the top 10 and is often used to gauge altcoin strength. “Altcoin Market Cap has performed a Weekly Close above $425bn (black) for the 1st time since 2021 Black has always been a trouble area That said, it’s likely Altcoin Market Cap will experience a much weaker rejection to prompt a much shallower retrace” Source: Rekt Capital/X In another potential ominous sign fo...

A closely followed analyst and trader thinks that altcoins are gearing up to have their time under the sun and outperform Bitcoin (BTC). Crypto strategist Ali Martinez tells his 72,200 followers on the social media platform X that he’s keeping a close watch on the TOTAL3 chart, which tracks the market cap of all digital assets excluding Bitcoin, Ethereum (ETH) and stablecoins. The trader shares a chart suggesting that TOTAL is about to witness a big burst to the upside. “The altcoin market cap looks primed to surpass $1 trillion… It is just a matter of time before altcoin season!”  Source: Ali Martinez/X At time of writing, TOTAL3 is trading at $603.371 billion. The trader is also keeping an eye on the Bitcoin dominance (BTC.D) chart, which tracks the market cap of Bitcoin against the rest of crypto. According to Martinez, BTC.D is flashing a signal that bodes well for altcoins. “Bitcoin dominance seems to be topping out, hinting ...

Bitcoin has surpassed the combined market capitalization of all other cryptocurrencies, according to recent data from TradingView. This comes against shifting economic circumstances, regulatory actions, and investor sentiment.  According to TradingView data, Bitcoin’s (BTC) market capitalization is larger than all other cryptocurrencies combined, with its dominance metric exceeding 50%. As of this writing, BTC’s dominance stood at 50.06%. BTC dominance chart | Source: TradingView This dominance marks a significant rebound from May 2021, when bitcoin’s price took a steep downturn due to China‘s ban on crypto mining and Tesla’s environmental concerns. This resurgence is not a singular event. Bitcoin has repeatedly demonstrated its resilience in the face of adversity. Let’s try to deconstruct the underlying reasons behind its current dominance and predict what this might mean for the future of crypto currency. Market forces at play Recent market dynamics hav...