Since the FTX collapse in November 2022, Bitcoin expanded its market cap dominance from 38.9% to 49.8% while altcoins lost their market share in the overall crypto markets with their market cap dominance dropping from 28.3% to 24.2%.
For those unfamiliar, the basic definition of altcoin is any crypto asset other than Bitcoin. While in earlier years few crypto assets other than Bitcoin existed, there are now a wide variety of coins and tokens with various use cases and not necessarily Bitcoin competitors.
Why It Matters: Despite altcoins losing market share and trading under pressurized conditions, crypto analysts see this correction phase as a buying opportunity and a period of calm before a potential surge.
Crypto analyst, swing trader and long-term investor Capo Of Crypto highlighted in the Altcoins Market Cap chart that it is currently testing a major support. He said: “Also most altcoins look like they want a last high, that's why I have added some exposure to alts (30%). Last leg up, then full reversal to new lows.”
Bitcoin investor/trader Seth said it was time to accumulate altcoins of your choice. “#Gaussian Channel turning green is very bullish! What coin will be the Solana of this cycle? Anybody shill me the next Solana!”
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