Major altcoins have seen a resurgence in price and market activity over the past week. Leading altcoins like Dogecoin (DOGE), Chainlink (LINK), and Ethereum (ETH) posted solid gains, with DOGE up 8%, LINK up 5.5%, and ETH up 4% over the last 7 days.
The overall cryptocurrency market cap now sits around $1.5 trillion, up significantly from lows earlier this year. The altcoin market seems to be leading this charge, likely signaling the start of a new altcoin cycle according to some prominent analysts.
Moustache, a pseudonymous analyst with over 82,000 followers, posted a bullish update about the altcoin market. He pointed out that the 20-month simple moving average (SMA20) on the altcoin market cap monthly chart had a “golden cross”, something that has only happened twice before in 2016 and 2020. Both times this signal marked the beginning of a broader altcoin bull run.
Moustache later posted that “You’re not ready for what’s coming,” referring to his call from 2022 about an impending altcoin surge. He reminded his followers that “Many weren’t there in 2017,” urging people not to miss out like some did on the epic 2017 crypto rally.
Another top analyst, Rekt Capital, noted to his 373,000 followers that the total altcoin market cap successfully retested old resistance as new support for three weeks straight. He also pointed out bullish divergence and higher lows forming, adding to the bull case.
Altcoin Market Cap has been successfully retesting this old resistance as new support for three weeks in a row
— Rekt Capital (@rektcapital) December 3, 2023
The downside wicks on the retest are also forming a Higher Low#BTC #Crypto #Bitcoin pic.twitter.com/1GoPxC2iuE
With altcoins making decisive moves upwards and prominent experts calling for a new altcoin cycle, the stage appears set for strong crypto market returns in 2024 and beyond.
Read also:
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It will be important to watch if bitcoin begins playing catch up to the altcoin strength or if profits flow back into the leading benchmark cryptocurrency. Either way, analysts largely agree that crypto holders should brace themselves for the next leg up.
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