Data shows investors shifting capital toward stablecoins and Bitcoin, while altcoins face a crucial turning point.
In the crypto market, capital usually flows from the majors, like Bitcoin and Ether, into altcoins. However, the above trends show that, lately, the capital rotation is happening away from high-risk altcoins toward low-risk assets like stablecoins and Bitcoin.Technically, Bitcoin’s dominance percentage over the crypto market, which measures the share of Bitcoin’s market capitalization in the total crypto valuation, experienced an uptrend in 2023 before encountering resistance at the 48.
If Bitcoin buyers are unable to break out above this resistance, the market can expect an altcoin rally relative to Bitcoin.On the other hand, the TOTAL2 chart, which measures the market capitalization of the cryptocurrency market excluding Bitcoin, had its positive breakout from the triangle pattern reversed, pushing the index back into a bearish triangle pattern that started forming in October 2022.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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