CandleFocus

Altcoin Market Cap Climbs Above $600 Billion: Is This the Bottom?

Author: Content Editor
The article suggests that altcoins may be entering a period of steady upward movement. The market cap of altcoins, excluding Ethereum, has risen above $600 billion, indicating potential for more upward movement. Despite the current bearish sentiment and lack of market activity, the shrinking supply of altcoins suggests limited selling pressure. With fewer sellers in the market, even a small amount of buying could trigger significant price increases. As prices break out from lows, traders may experience FOMO and rush to buy, causing shallow retracements. The article also mentions that short positions are vulnerable to liquidation, which could further drive up prices. However, caution is advised as the thin demand side could lead to sharp corrections once the rally slows.

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