Due to the impact of ETFs, the price performance of BTC and altcoins and their relationship with the bull and bear cycles of the crypto market may have changed. This has led to the current market situation where BTC is fluctuating sideways at a high level, while altcoins are falling all the way. Bitcoin is currently down 22% from its all-time high (ATH), while most mainstream altcoins have fallen 70% to 90% from their current highs.
If we count from January 2023 as the starting point of this round of market, the market has experienced 16 months of volatility by May 2024; if we count from October 2023, it will be 7 months.
During this period, we saw public pre-sale projects such as Portal, which were directly listed on Binance at the opening; and projects like Bome were quickly listed on Binance within 3 days after launch. Looking back at the liquidity and market sentiment from February to May 2023, this period was undoubtedly at a peak.
At present, the market's long and short positions are still unclear. The intuitive feeling is that altcoins have fallen to a relatively cheap level, while Bitcoin is trading sideways at a relatively high level. For the altcoins they like, investors are afraid of missing opportunities (missing opportunities) on the one hand, and are worried about further plunges on the other. Therefore, many people are currently holding USDT and waiting for clearer market signals.
