上次 Alts 买入信号接近这一水平是在 2021 年 1 月。资料来源：Luke MartinAuthor: Ciaran Lyons, CoinTeleGraph; Compiled by Tao Zhu, Golden Finance
A well-known cryptocurrency trader believes that the altcoin may be in the gold accumulation phase and notes that it hasn't triggered a buy signal at such a low price in over three years.
Cryptocurrency trader Luke Martin told his 331,500 X fans in an August 28 post: “Altcoins are currently at the level of 'sell your house and buy more'.”
The last time an Alts buy signal came close to this level was in January 2021. Source: Luke Martin
Based on historical data, the “Alts Buy Signal” chart can provide traders with an indication of when the overall altcoin market is in a buying state.
Martin said that when Bitcoin last reached this level, in the summer of 2020, the price increased sixfold in the second half of the year.
“The price increased vertically from 10k to 60k over the next 6 months,” Martin wrote.
Meanwhile, anonymous cryptocurrency trader Mags notes, “Altcoin market capitalization is forming a falling wedge pattern, which is a bullish continuation pattern.”
At the time of publication of this article, the total market capitalization of altcoins was $195.07 billion, according to TradingView data. MN Consultancy founder Michael van de Poppe emphasized in an August 25 X post that it was “still 47% lower than the high point.”
The altcoin market cap peaked at $446.85 billion in November 2021.
Cryptocurrency trader Mags notes that there could be a major shift in the altcoin market cap. Source: Mags
“The breakout will trigger a nice upward rebound,” Mags added.
Among the top ten cryptocurrencies, Toncoin (TON) dropped the most in the past seven days, falling 15.31% to $5.57 after Telegram CEO Pavel Durov was arrested in France on August 24.
Since its year-to-date high in March, other altcoins have also experienced significant declines, when Bitcoin hit an all-time high of $73,679.
Since its peak in March, the price of Solana has dropped 29% to $143.20, while the price of XRP fell 19.70% to $0.57 during the same period from its high so far this year.
Overall, investors remain cautious about cryptocurrency market sentiment according to the Cryptocurrency Fear and Greed Index, which has a “fear” score of 29. This indicator is 10 points lower than the “fear” score of 39 seven days ago.
Meanwhile, Bitcoin's dominance declined slightly by 0.12% to 57.20% over the past seven days. It's close to 60%, and Benjamin Cowen, a cryptocurrency analyst and founder of Into The Cryptoverse, believes this could bring Bitcoin's dominance to the peak.
“I don't think it's going back to 70%; my goal for Bitcoin dominance is 60%,” he explained.