According to Cointelegraph, Luke Martin, a well-known crypto trader, believes that Altcoins are currently in an accumulation phase, pointing out a buy signal that has not been seen in three years. Martin said in a post on August 28 that "Altcoins are currently at the level of 'selling houses and buying coins'". The last time a similar signal appeared was in January 2021.
Martin mentioned that when Bitcoin was at this level in the summer of 2020, the price rose sixfold in the second half of the year, from 10k to 60k. At the same time, anonymous trader Mags pointed out that the total market capitalization of the Altcoin market is forming a bullish wedge pattern.
As of press time, the total Altcoin market capitalization is $195.07 billion, down 47% from its high. The total Altcoin market capitalization peaked at $446.85 billion in November 2021. Mags believes that the breakout will trigger a bullish rally.
Among the top ten cryptocurrencies, Toncoin (TON) has seen the largest decline over the past seven days, falling 15.31% to $5.57. Other altcoins have also seen significant declines since March, with Solana (SOL) price down 29% to $143.20 and XRP (XRP) down 19.70% to $0.57.
According to the Crypto Fear and Greed Index, market sentiment remains cautious, with the fear index at 29, down 10 points from seven days ago. Bitcoin's dominance has fallen slightly by 0.12% to 57.20% over the past seven days. Analyst Benjamin Cowen believes that the target for Bitcoin's dominance is 60%.
