Altcoin Marketcap hitting Support
This chart shows the total Crypto Market Cap excluding BTC and ETH which at time of writing represent approximately 70% of the market capitalization (look at Dominance for BTC 49% and ETH 20%).
The chart indicates a bounce at the levels where we bounced in January 2023.
We can surely drop lower, BTC dominance and ETH dominance may possibly breakout more to the upside before an altseason. But i think that the risk/reward in this zone for buying alts is relatively low, especially when comparing certain alts to their BTC and ETH pairs.
Time to get the Alt Scoop out once this week and all the data is out. CPI was good at 4% we still await the following though:
Wednesday 14th June
- US PPI
- Fed's interest rate decision
- FOMC press conference
Thursday 15th June
- ECB European Central Bank interest rate decision
- US Retail Sales
- US Jobless Claims
Friday 16th
- BOJ Japan Central Bank interest rate decision
I want to see what the market reaction is going to be to all of the above before deploying more capital into altcoins
The chart indicates a bounce at the levels where we bounced in January 2023.
We can surely drop lower, BTC dominance and ETH dominance may possibly breakout more to the upside before an altseason. But i think that the risk/reward in this zone for buying alts is relatively low, especially when comparing certain alts to their BTC and ETH pairs.
Time to get the Alt Scoop out once this week and all the data is out. CPI was good at 4% we still await the following though:
Wednesday 14th June
- US PPI
- Fed's interest rate decision
- FOMC press conference
Thursday 15th June
- ECB European Central Bank interest rate decision
- US Retail Sales
- US Jobless Claims
Friday 16th
- BOJ Japan Central Bank interest rate decision
I want to see what the market reaction is going to be to all of the above before deploying more capital into altcoins
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