According to @CryptoCon_, altcoins are clearly gaining strength as shown by the uptrend in altcoin dominance and the moving average crossover. While some Bitcoin maximalists dislike altcoins, @CryptoCon_ argues this altseason is good for Bitcoin too.
Historic Price Surges
@CryptoCon_ notes that previous times altcoin strength crossed above its 50 week SMA, it preceded major price surges for both Bitcoin and altcoins, like in 2016-2017. The early crossover this cycle hints at similarly powerful action ahead.
In addition, @el_crypto_prof points out the supertrend indicator is flashing a buy signal on altcoin total market cap – the first since over 3 years ago. The supertrend has accurately signaled the start of previous bull runs.
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Bullish Implications With both altcoin strength growing and the supertrend indicator turning bullish, the macro outlook is positive for the crypto market, including Bitcoin. Previous altcoin rallies lifted the whole market. Many also view altcoins outperforming as a sign of a healthy, bullish crypto market. The data suggests Bitcoin could also be poised for renewed gains with altcoins firing up.
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