A bull market exclusive to Bitcoin?
Bitcoin has hit a new high today, with the price breaking through 96k. However, compared to previous continuous breakthroughs, the volume has decreased significantly, which has led to some bearish voices in the market, feeling that the upcoming 100k threshold will definitely be fraught with difficulties, worried that market funds may not be sufficient, so many funds have begun to proactively take profits to hedge risks.
I personally think it is very good for large funds to have this risk control awareness. My consistent strategy is to take profits at new highs, but taking profits does not mean being pessimistic about the future. It's just a way to reinforce my determination. You can try it too. For example, if you feel a certain coin you hold has risen enough and you can't take out much, you can try to sell 1-5% of it.
Currently, Bitcoin is healthy at both the 4-hour and daily levels. There is no reason or motivation to pull back below 100k+, especially since the daily level has just begun, so just wait slowly.
Bitcoin's market share hits a new high, reaching 61.5%. In March, when BTC first hit ATH, the market share was only 54%. Subsequently, the phenomenon of 'Bitcoin sucking the life out of altcoins' became more and more obvious, leading to Bitcoin's surge to 95,000 dollars today, while Binance shows only 111 tokens rising, and 1155 tokens are in a downward trend...
According to the data from the last bull market, when the market share reaches about 67%, altcoins collectively explode. Based on this data, it seems fast. When we reach 100k+, let's see if we can inject some confidence into altcoins. As long as market confidence returns, they will collectively scream again. If nothing unexpected happens, it should be around mid-December; the later stages may not be so good and will have a significant pullback.
Does this round of the crypto market still have an altcoin season?
I believe this is the biggest question in the hearts of most friends during this bull market. Bitcoin is almost at 【six figures per coin】, while altcoins continue to decline. However, among us retail investors, there are very few who hold Bitcoin. Whether holding valuable coins or MEME coins, every day we are either hit or hit! We don’t know when it will end.
Bitcoin continues to hit new highs, while altcoins are indeed in a state of lament, and the reason I have been mentioning recently is:
The way this bull market is moving has significantly increased in difficulty compared to previous ones; the days of junk coins flying high and mindless profits seem to have left us for too long.
The current market is severely layered; large funds only recognize Bitcoin, so new funds from outside are focused on Bitcoin, while small funds inside are strongly profit-driven, going wherever there is profit.
There is no doubt that right now only MEME can bring profit effects to everyone, so small funds are all attracted to MEMEs on-chain and on CEX. Even now, top CEXs like Binance, Upbit, and OK are listing MEMEs. If it's a MEME, it will surge after listing; if it's a non-MEME, i.e., a value coin, it will drop after listing.
Moreover, the reigning king of altcoins, ETH, has been replaced this year by SOL. The same meme exists on two chains, with the SOL chain being ten times that of the ETH chain. This is the market's choice, which has also led to worse performance for many Ethereum ecosystem projects. These projects happen to be the main force of altcoins on CEX right now, so this year is really tough for altcoins.
Currently, only a few points can break through, and altcoins on CEX might take off:
The first condition is definitely Bitcoin breaking through 100k and being able to stabilize above 100k for more than two weeks.
The second condition is that Ethereum's staking ETF is approved, and off-market funds begin to pay attention to the Ethereum ecosystem and other blockchain-native assets.
The third condition is that crypto regulation is loosened, leading to another wave of major innovations on-chain, similar to the DeFi summer of previous years. It would be best to see a few killer applications, so that funds can naturally shift from defensive to offensive positions, and leverage will be reopened.
As long as two of these three conditions can be met, the familiar altcoin bull market will return!
At this point, it is important to remember one thing:
Don't let the market's noise disturb you; trading is actually very simple.
Rising is a good time to offload, and falling is a good time to position, it’s just about buying low and selling high.
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