Kryptopole, a widely followed cryptocurrency analyst, said he believes a “parabolic” phase is coming for the digital asset market, especially altcoins.
This trader shares a Bitcoin (BTC) chart on his Telegram channel overlaid with CRYPTOCAP. CRYPTOCAP measures the value of all assets in the cryptocurrency ecosystem except BTC.
Cryptopol points out that Bitcoin reached an all-time high in late 2020, shortly before altcoins started going parabolic.
According to the analyst, a similar pattern may be occurring now, with altcoins potentially poised to explode following Bitcoin's recent all-time high (ATH). It is said that there is.
“Remember that. We're really at this stage.”
The trader notes a similar pattern with Ethereum (ETH) and Bitcoin.
“ETH, shown in light blue, is not even close to past ATH.”
Focusing on the Ethereum Bitcoin pair (ETH/BTC), which is often seen as a harbinger of altcoin strength, Cryptopole notes that ETH/BTC bottomed out after bouncing off strong support levels around 0.05. states that.
The analyst said Bitcoin's dominance in measuring BTC's market capitalization compared to all other crypto assets also shows the strength of altcoins.
“The bottom price of ETHBTC has been confirmed.
BTC Dtop confirmed. It looks very bearish here. ”
At the time of this writing, Bitcoin is trading at $69,172, down 4% in the past 24 hours.
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Featured image: Shutterstock/Ruslan Grumble/PurpleRender
