According to crypto traders, the altcoin market is currently in a “reaccumulation phase.” Altcoins may move into the “second phase of the cycle” after regaining a critical support level.
“Altcoins have only increased by 58% since their launch after a 525-day accumulation period,” Mags said in a post he shared on the X platform on July 25.
The accumulation phase occurs when the market bottoms out and prices hit local bottoms, with a 33% drop in TOTAL2 (the total market cap of all cryptocurrencies excluding Bitcoin) since March 11. This phase refers to a period of stability where investors buy on dips in anticipation of future price increases.
Mags stated that despite these corrections, altcoins emerged from a long accumulation period and gained 58% in value, and there is still potential for upward movement.
“This pullback is most likely a phase of reaccumulation before a new rally,” he said.
Data from crypto tracking platform Bitformance shows that the top 200 equal-weight indexes, which give equal weight to cryptocurrencies regardless of market cap, have fallen by over 55% compared to market cap indexes in the last three months. This indicates that smaller cryptocurrencies are performing weaker against Bitcoin and the altcoin season has not started yet.
Data reveals that Bitcoin (BTC) experienced a 6% rise in the same three-month period.
Crypto YouTuber Crypto Rover stated that although it is not an altcoin season yet, Bitcoin's dominance is in the "peak region" and offers altcoin investors an opportunity to "accumulate". Bitcoin's dominance shows that the overall market is moving its capital from altcoins to BTC. According to TradingView data, Bitcoin dominance has increased by 3% over the last 90 days to 56.56%, approaching the highest levels in recent years.
Altcoins are preparing for the "second phase" of the cycle
Trader Jelle shared a chart of TOTAL3 (the total market cap of all cryptocurrencies excluding Bitcoin and Ether) on the weekly timeframe and highlighted that the price had "successfully" overcome a significant resistance. The analyst highlighted the region between $600 billion and $625 billion, where TOTAL3 turned from resistance to support after Bitcoin rebounded from multi-month lows below $54,000.
“Preparations are being completed. “The second phase of the cycle is fast approaching,” he commented.
A similar view was shared by trader Mustache, who observed that the altcoin market cap is retesting a key support level in 2023.
“The most exciting time of the cycle is approaching,” he said.
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