Potential Money inflow in most of altcoins
Hello fellas, In this current post, I will discuss about the crypto total market capitalization especially in altcoin market. So, what is the definition of market capitalization? Market capitalization refers to the total dollar market value of a company's outstanding shares of stock (in this topic the "outstanding shares" refers to "circulating supply"). So, here we go fellas!
I am using the TOTAL2 which is the quote of crypto total market cap exclude the bitcoin. we can see on above chart that currently the value of altcoins is around $71 Billion. I do believe that this value will increase significantly until the end of the year. Based on technical side, it bounced from the 78.6 fibonacci retracement level. This area is known as the flavor of the year because most of the instrument has bounced when it touched this level back in 2018. This is simply the last support level before the previous swing low to make it double bottom pattern. If this bounce hold true, we will see the capitalization of the altcoins enter the $100 billion range again, refer to the golden pocket zone as well. Beside the $100 billions is the psychological number as well.
If we see the capitalization increases, this will become a good indication of altcoins. we will see a tremendous money inflow to the altcoins market which will affect the price of most of altcoins. I do believe most of altcoins will have a beautiful end of year movement and bullish month ahead is coming for altcoins.
This statement is having alignment with bitcoin dominance that shows a down trend pattern. I will assume the money inflow to altcoins is coming from money outflow from bitcoin's market.
I am using the TOTAL2 which is the quote of crypto total market cap exclude the bitcoin. we can see on above chart that currently the value of altcoins is around $71 Billion. I do believe that this value will increase significantly until the end of the year. Based on technical side, it bounced from the 78.6 fibonacci retracement level. This area is known as the flavor of the year because most of the instrument has bounced when it touched this level back in 2018. This is simply the last support level before the previous swing low to make it double bottom pattern. If this bounce hold true, we will see the capitalization of the altcoins enter the $100 billion range again, refer to the golden pocket zone as well. Beside the $100 billions is the psychological number as well.
If we see the capitalization increases, this will become a good indication of altcoins. we will see a tremendous money inflow to the altcoins market which will affect the price of most of altcoins. I do believe most of altcoins will have a beautiful end of year movement and bullish month ahead is coming for altcoins.
This statement is having alignment with bitcoin dominance that shows a down trend pattern. I will assume the money inflow to altcoins is coming from money outflow from bitcoin's market.
While the bitcoin dominance is showing us that the 5 elliot wave count potentially has finished. A drop of this dominance is expected for medium term. I am hoping the drop to the 55% area as the area of the 4th wave of the preceding impulse wave of the same degree. The drop of the dominance will make this market healthier and will decrease the potential number of manipulations.