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Altcoins have reached levels that are sparking significant interest among traders, with a rare buy signal flashing for the first time in over three years. This indicator suggests a potential accumulation phase, according to influential crypto trader Luke Martin.
Rare Buy Signal in Altcoins
An influential cryptocurrency trader has pointed out a buy signal that hasn't occurred at this low point in more than three years, leading him to speculate that cryptocurrencies may be entering an accumulating phase, Cointelegraph reports.
The following is what cryptocurrency trader Luke Martin told his 331,500 X followers on August 28:
Based on past data, the "alts buy signal" chart shows traders when the altcoin market is generally in a buy.
Bitcoin Surged Sixfold After 2020 Prediction
In the second half of 2020, when Martin predicted Bitcoin was at this level, its price increased sixfold. This happened in the summer of 2020.
Within six months, the price "went vertical" from $10,000 to $60,000, according to Martin's tweet.
Crypto trader Mags, who prefers to remain anonymous, noted that:
Crypto Market Cap Down to $195B
According to TradingView, the entire market cap of all cryptocurrencies is $195.07 billion as of this writing. In an August 25th post, Michael van de Poppe, founder of MN Consultancy, emphasized:
In November 2021, the value of all cryptocurrencies reached a high of $446.85 billion.
“Breakout is going to trigger a nice upside rally,” Mags said.
Toncoin Falls After CEO Arrest
Toncoin (TON) has fallen the most among the top ten cryptocurrencies in the last seven days, falling 15.31% to $5.57, in response to the arrest of Telegram CEO Pavel Durov in France on August 24.
Since reaching their year-to-date peaks in March—at the same time as Bitcoin's record high of $73,679—other cryptocurrencies have seen steep drops.
Based on data from CoinMarketCap, the price of Solana has decreased by 29% to $143.20 since its March peak, while the price of XRP has decreased by 19.7% to $0.57 from its year-to-date high during the same period.
Fear & Greed Index Reflects Caution
The Crypto Fear & Greed Index shows that investors are still wary about the crypto industry as a whole, with a "Fear" score of 29. From a score of 39 seven days ago, the indicator has dropped ten points.
At the same time, Bitcoin's market share has decreased to 57.20%, a decrease of 0.12% over the previous week. But it's getting close to 60%, the mark that crypto expert and founder of Into The Cryptoverse Benjamin Cowen thinks Bitcoin might reach.
"I don’t think it is going back up to 70%, my target for Bitcoin dominance has been 60%," he continues.
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