Although Bitcoin controls almost half of the entire crypto market, altcoins also play a huge role in improving the market. Looking at the recent performance of some of the major altcoins, it appears that they have the potential to drive the market capitalization of altcoins (Altcap) to higher major levels.
Are altcoins worth it?
They are a lot. Recently, many altcoins made significant gains in recent days. The altcap has been rising steadily for the past 2 weeks and stands at $ 1.055 trillion right now.
It’s not too far from hitting its $ 1.35 trillion ATH and there’s a good chance that will happen. If you watch the movement of the candles, you can see how the altcap successfully retested the 2017 ATH.
Furthermore, the altcoin market capitalization broke through the weekly resistance of months, rising above April levels.
Going forward, there is very little chance that there will be more resistance as it approaches its ATH (May levels). Supporting this are the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators. RSI assesses the overall value of the asset and in the case of altcap, on the weekly chart, it has not yet touched the overbought zone. This means that there is still some opportunity for the alternative market to increase.
Also, on the daily chart, CMF indicates a large amount of capital inflows flowing into the market. This translates into a good sign for the market itself. But when it comes to which alt is working best, there are some interesting observations.
What alternatives are above?
Overall, almost all currencies are doing well thanks to the recent rally. But pointing someone out doesn’t do justice. So apart from Ethereum, the currencies that worked in the last few days are: Cardano, Litecoin and Polkadot.
Right now, ADA is up 10.99%, LTC is up 5.7%, and DOT is up 3.8%. However, considering the last four days, ADA, LTC and DOT increased 37.5%, 21.74%, and 12.52% respectively.
Additionally, the string data also shows your overall performance. In terms of transaction volumes, ADA has had a constant volume of $ 4 billion – $ 5 billion. LTC has a range of $ 1 billion – $ 4 billion, increasing from time to time.
In terms of daily active addresses, although ADA saw a slight drop, in most parts its addresses remain close to the 70k range. LTC on the other hand, has active addresses of around 300k and it keeps rising. And although the DOT does not have such a high number of addresses, they keep pace with the rising market as their addresses increase.
Therefore, based on participation and performance in the chain, it becomes clear how these alts are supporting the market. However, keep in mind that the altcap RSI reaching the overbought zone could cause a trend reversal, causing the values to turn down.
This is a machine translation of our English version.
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