Altcoin's resilience signals a shift in capital flows?
Crypto market experts share that investors are gradually changing their approach to profits. Specifically, they no longer rely solely on Bitcoin (BTC) but have started to look for value in Altcoins, according to a report from Bit_finex published on September 9, 2024.
Perhaps that is why BTC's price has recently adjusted, but Altcoins still show a relatively solid price base. In addition, it must be said that the trend of Bitcoin Dominance (BTC.D) has continuously decreased in the past few days. Altcoin's open interest has decreased by 55% from its peak, indicating the possibility of exhaustion of selling pressure.
Here are some comments from famous traders/investors on X about Altcoin:
- 360_trader: Altcoin is forming a very bullish structure
- Emperor: Altcoin's hard price base and the decline in Open interest are good signals for Altcoin
- Michael van de Poppe: This is a good time to buy Altcoin. We are in the accumulation phase before the price breaks out.
However, this is just the perspective of some traders, not a sure-fire indicator. There is always a risk probability. So just for reference, guys!
