Bitcoin has reached a new high, but altcoins are generally in a correction state, especially altcoins on CEX. Nine out of ten are falling. Today, although Bitcoin has reached a new high again, other altcoins surged for a bit, but once Bitcoin stopped climbing and stabilized, altcoins began to fall.
Tonight, Bitcoin is pulling back, and altcoins are plummeting even more, with many coins experiencing nearly a 10-point fluctuation, first rising and then falling. Don’t be fooled by Bitcoin's gradual rise; once it stops rising and pulls back, everything will drop sharply. Since Bitcoin's rise is sucking liquidity, it will definitely fall together. At this stage, there is no way to have another wave of seasonal recovery for altcoins.
Although the total market capitalization has surpassed 3.9 trillion and reached a new high, this is mainly attributed to Bitcoin's contribution. Bitcoin's market dominance has also surpassed 57.38%, and the funding rates on major CEX do not support altcoins continuing to rise, with most being below 0.01%. Generally, a funding rate above 0.01 indicates a bullish market, while below indicates a bearish market.
Although Ethereum has performed better than most altcoins, the ETH/BTC exchange rate is still falling and has now dropped below 0.038. However, last week, the inflow of funds into Ethereum ETFs reached $850 million, creating a historical weekly high. This also indicates that outside funds have a positive sentiment towards ETH. Several institutions are predicting that Ethereum will reach a new high by the end of the year, which I also think is not a big problem. As long as the Ethereum Foundation does not cause issues, reaching a new high is just a matter of breaking through a thin layer.
Currently, most altcoins in the market do not have independent trends and are basically watching Bitcoin's movements, whether it breaks through or pulls back. Ethereum is also watching whether Bitcoin can continue to push up. The rise is very slow. These coins should wait until Bitcoin confirms it has stabilized at a new high before funds come in to drive the price up; otherwise, any rise will be in vain, as Bitcoin can easily pull back again.
So now we can only wait for the market to confirm before entering. Maybe we will miss a little profit in the early stages, but we have already made a profit by escaping at the peak. As long as it is not a single line pulling up by thirty points, we still have an advantage in entering.
If you ask when to enter, I can only say it depends on the situation. I will notify everyone in the group when to enter, and I can only inform everyone after I have entered.
PNUT:
Squirrel's vehicle is relatively heavy, and a heavier vehicle means that the adjustment period may be longer, and there will be more adjustments. This requires patience from everyone. I believe Squirrel can still stick to a strategy of accumulating at lower prices.
JTO:
JTO has provided a buying opportunity around 3.5. If you haven’t bought it yet, you can continue to wait in the 3.3-3.5 range; if you can buy in this range, it is a gain.
RSR:
RSR We remind you that there will be a second pullback. We are currently in the process of the second pullback, and you can build positions in batches during this process.
DOGE:
Doge has also given several opportunities to buy at around 0.3. Currently, it is in a high-level oscillation and consolidation phase. As long as it doesn't break 0.33, there won't be any significant adjustments. Be patient and wait for the second rise to come. The next wave of increase will aim to challenge the historical high. The biggest narrative of this bull market will definitely be Dogecoin. Dogecoin will break $1, and may even rise to $3-5. It is recommended to accumulate Dogecoin in the event of a pullback!
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