Over the past year, alt coins in the crypto space have been taking quite a hit from the back-and-forth motions of BTC and ETH. Alt-coins are once again at their own recent lows when BTC was between $32-33K back in January despite the price of bitcoin dancing around a significantly higher $37-38K price today.
I typically believe that ETH determines the general direction of the crypto space instead of BTC (albeit BTC can determine the trend for ETH). However, there are quite a few occasions whereby cryptocurrencies can deviate from both BTC and ETH as indicated in these charts.
The first chart is the percentages of all cryptos BUT bitcoin and ethereum. As you can very well see, the percentages have been forming an ascending triangle pattern (bullish pennant?) over the past year, and once again the percentages are nearing the bottom of this triangle.
The second chart is the total market cap of all crypto EXCEPT bitcoin and ethereum, and it appears that an ascending channel has been forming since early 2021 for which the market cap is once again near the bottom of this trend line (for details on how I calculated the total market cap of everything BUT bitcoin and ethereum, see my previous post on how you too can calculate this value and more).
The key question is: will these resistances hold or will they break over the next few days? Either way, these look to be interesting charts to keep an eye on for the trend of crypto beyond just BTC and ETH over the next few days/weeks.
But as always, this is solely my opinion and should not be taken as financial advice. But please like or comment if you agree or see anything further!
I typically believe that ETH determines the general direction of the crypto space instead of BTC (albeit BTC can determine the trend for ETH). However, there are quite a few occasions whereby cryptocurrencies can deviate from both BTC and ETH as indicated in these charts.
The first chart is the percentages of all cryptos BUT bitcoin and ethereum. As you can very well see, the percentages have been forming an ascending triangle pattern (bullish pennant?) over the past year, and once again the percentages are nearing the bottom of this triangle.
The second chart is the total market cap of all crypto EXCEPT bitcoin and ethereum, and it appears that an ascending channel has been forming since early 2021 for which the market cap is once again near the bottom of this trend line (for details on how I calculated the total market cap of everything BUT bitcoin and ethereum, see my previous post on how you too can calculate this value and more).
The key question is: will these resistances hold or will they break over the next few days? Either way, these look to be interesting charts to keep an eye on for the trend of crypto beyond just BTC and ETH over the next few days/weeks.
But as always, this is solely my opinion and should not be taken as financial advice. But please like or comment if you agree or see anything further!
