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Is the Bull in Bitcoin and Altcoins Possibly Over? Analytics Firm Addresses Concerns, Shares Technical Details

Is the Bull in Bitcoin and Altcoins Possibly Over? Analytics Firm Addresses Concerns, Shares Technical Details
Cryptocurrency analytics firm Alphractal has provided insights into the market cycle, highlighting the correlation between Bitcoin (BTC) and altcoins. The firm found that altcoins have a stronger correlation with Bitcoin than with Ethereum (ETH), which can serve as a sentiment indicator for traders and investors. Alphractal also analyzed the BTC-ETH correlation over an eight-week period and observed that when the correlation is low, Bitcoin tends to impact Ethereum's momentum, potentially indicating a shift in Bitcoin's trend. Additionally, Alphractal examined Bitcoin addresses and found that 90.8% are still in profit, suggesting a bullish market trend despite some addresses being in a loss position. The firm concludes that a higher percentage of addresses in a losing position does not necessarily signal the end of the bull cycle, as short-term downtrends are common within a broader bull market.

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