Crypto analyst Javon Marks noted a breakout that could rival the explosive 2017 bull run. In a recent post on X, Marks highlighted a chart comparing the TOTAL3 index (total market cap of altcoins excluding Bitcoin (BTC) and Ethereum) against the US money supply, suggesting that altcoins may be on the verge of a significant rally. A rise in TOTAL3 against the US money supply suggests that altcoins are gaining value relative to the total liquidity in the US economy, reflecting increased investor interest and capital inflow into altcoins. TOTAL3/US Money supply.Source: X.comMarks emphasized that altcoins have recently bounced off a critical retest level following a breakout, and said, “Altcoins have bounced off of the breakout retest against the US money supply and can deliver one of their most powerful runs since 2017! ”Likewise, anonymous crypto trader Moustache shared an analysis on X, highlighting a weekly inverse head-and-shoulders pattern in the TOTAL3 chart.
The analyst noted that the TOTAL2 trend remained bearish after hitting resistance at the $1.25 trillion level, and said, “Since both BTC and TOTAL are near the resistance zone and TOTAL2 still has some room, I am inclined to believe that we are distributing.”Similarly, Crypto commentator DonaXBT argued that a significant breakdown in Bitcoin's dominance trendline is essential for altcoins to experience a substantial move.
When the index climbs above 30-40, altcoins often experience significant pumps, driven by capital rotation from Bitcoin. With trading volumes showing early signs of recovery and the Altcoin Season Index pointing to a shift, investors’ optimism for an altcoin rally is growing.
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Author / Journalist: Cointelegraph by Biraajmaan Tamuly
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