A bull market exclusive to Bit?
Bit has hit a new high again today, with the price breaking through $96,000, but compared to the previous consecutive breakthroughs, the trading volume has decreased a lot, which has also led to some bearish voices in the market, feeling that the 100,000 mark ahead will be extremely difficult, and worrying that the market funds will not be enough, so many funds have started to actively take profits and hedge.
Personally, I think it's very good for large funds to have this risk control awareness, my consistent strategy is also to take profits on a portion of my holdings whenever a new high is reached, but taking profits doesn't mean I'm not optimistic about the future, it's just a means to strengthen my conviction, and you can also try it, for example, if you have a coin that you think has risen enough and you've made enough money, and you're a bit reluctant to hold it, at this time you can sell off 1-5% of it, this kind of operation can help you sleep better.
Currently, Bit, whether on the 4-hour or daily chart, is very healthy, and there is no reason or motivation for it to correct until it reaches $100,000+, as the daily chart has just started, so just wait patiently.
Bit's market share has hit a new high, reaching 61.5%, compared to just 54% when it first hit an ATH in March. Since then, the "Bit-sucking altcoins" have become increasingly prominent, to the extent that Bit is now pushing for $95,000, with only 111 tokens showing an upward trend on Binance, while 1,155 tokens are in a downward trend...
Looking at the data from the previous bull market, when the market share reached around 67%, the altcoins collectively exploded, and based on this data, it seems to be coming soon. Let's see if we can inject some confidence into the altcoins when it reaches $100,000+, as long as market confidence returns, they will scream collectively again. Barring any surprises, it should be the mid-term before December, and the late-term may not be so good and could see a significant correction.
Does this bull market in the crypto market still have an altcoin season?
I believe this is the biggest question in the minds of most of us, Bit is already close to [6 figures/coin], but the altcoins are still in a downward spiral. However, we retail investors have very few Bit in our hands, whether we hold valuable coins, MEME coins, or whatever, all we do is get beaten up every day, not knowing when it will end.
Bit continues to hit new highs, while the altcoins are in a state of lament, and the reason I've been talking about recently is:
The way this bull market is unfolding is significantly more difficult compared to the past, with garbage flying high and the mindless money-making environment seemingly long gone.
The market is now severely stratified, with large funds only recognizing Bit, so the new capital inflows are all focused on Bit, while the small capital inside the circle is strongly profit-seeking, going where the money is made.
Undoubtedly, only MEME can bring the money-making effect to everyone now, so the small capital is all absorbed in the MEME on the chain and on the CEX, and even now there are cases where MEME tokens are listed on top-tier CEXs like Binance, Upbit, and OKEx, and if the listing is MEME, then the price will skyrocket after listing, but if the listing is a non-MEME, i.e. a valuable coin, then it will plummet after listing.
In addition, the reigning altcoin king ETH has already been replaced by SOL this year, with MEME tokens of the same name on both chains, and the SOL chain is 10 times the size of the ETH chain, which is the market's choice, and this has also led to much worse performance of many Ethereum ecosystem projects, and these projects are the mainstay of the altcoins on the CEXs, so this year's altcoins are really not doing well.
There are only a few points that could see a breakthrough, and the altcoins on the CEXs might have a chance to take off:
First, Bit must break through $100,000 and stabilize above it for at least two weeks.
Second, the ETH staking ETF is approved, and off-chain capital starts to focus on the Ethereum ecosystem and other blockchain native assets.
The third is the relaxation of crypto regulation, with another round of major innovation on the chain, similar to the DeFi summer of the past, with the emergence of a few killer applications, so that capital and assets will naturally shift from a defensive to an offensive posture, and leverage will be reopened.
As long as two of these three conditions are met, our familiar altcoin bull will be back!
At this time, you need to remember one thing:
Don't let the noise in the market confuse you, trading is actually very simple.
When it's rising, it's a good time to take profits, and when it's falling, it's a good time to position, it's just a matter of buying low and selling high.
