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A famous crypto investor believes altcoins might be in a primary accumulation phase and points to a buy signal not seen in three years. Crypto investor Luke Martin explained to his 331,500 X followers on August 28 that altcoins are currently in a buying process.
Exciting Announcements for the Altcoin Market
Altcoin buy signal charts provide investors with an indicator of when the general altcoin market is at a buying level according to historical data. Martin mentioned that when Bitcoin was at this level in the summer of 2020, its price sextupled in the second half of the year:
“The price rose vertically from 10,000 to 60,000 in the next 6 months.”
Meanwhile, crypto investor Mags revealed that the altcoin market cap has formed a falling wedge pattern, which is a bullish continuation model. At the time of writing, the total altcoin market cap was $195.07 billion according to TradingView. MN Consultancy founder Michael van de Poppe emphasized in his August 25 X post that this is still 47% below its peaks. The altcoin market cap reached $446.85 billion in November 2021.
What’s Happening on the Altcoin Front?
Among the top 10 cryptocurrencies, Toncoin (TON) experienced the biggest drop in the past seven days, falling 15.31% to $5.57 after Telegram CEO Pavel Durov was arrested in France on August 24. Other altcoins have seen significant declines since March, coinciding with Bitcoin’s all-time high of $73,679.
Solana’s price has dropped 29% from its March peak to $143.20, while XRP has fallen 19.7% from its year-to-date high to $0.57 in the same period. Overall, investor sentiment in the crypto market remains cautious, with the Crypto Fear & Greed Index showing a Fear score of 29. The indicator has dropped 10 points from 39 a week ago.
Meanwhile, Bitcoin dominance has decreased by 0.12% over the past seven days to 57.20%. However, crypto analyst and Into The Cryptoverse founder Benjamin Cowen believes this is not far from the peak he anticipated for Bitcoin dominance at 60%:
“I don’t think it will return to 70%. My target for Bitcoin dominance was 60%.”
