Trader voiced the criterion for the start of "euphoria" in the altcoin market
Date: 2024-12-30 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The trader, analyzing the current situation, noted that the TOTAL3 index, which reflects the capitalization of altcoins, is currently unable to overcome the historical maximum of 2021. At the time of publication, the indicator is about $960 billion, which is 17% lower than the record of $1.13 trillion. In early December, this index had already reached peak values, but a rollback soon followed.
"As long as the capitalization fluctuates between $840 billion and $1.1 trillion, the market will be unstable. If the index falls below $800 billion, it will be a concern, although it may technically leave a higher low, which would not be ideal for further growth overall,” DaanCrypto added.
Daniel Cheung, co-founder of Syncracy Capital, attributed the slow growth of altcoins to traders becoming too caught up in short-term plans.
“Many have started to consider themselves masters of trading, constantly monitoring short-term charts and playing with leverage, which is not conducive to healthy growth,” he noted.
Earlier, Michael van de Poppe, analyst and founder of MN Trading, predicted that Ethereum could surpass Bitcoin in January, which would be a catalyst for further growth of altcoins.
Also in December, Felix Hartmann, managing partner of Hartmann Capital, said that the alt season, in his opinion, is already over.
