Main meals
Bitcoin and Ethereum leads the withdrawal, indicating the dominance of blue encryption even with leaving 200 billion dollars in the market. Altseass’s noise was cooled with ETH height, he was unable to turn the momentum beyond blue chips.
This week, the encryption market threw billions of dollars, which reduced the maximum of $ 4 trillion to $ 3.8 trillion. This is about 200 billion dollars in external flows.
Bitcoin [BTC] and ethereum [ETH] She slipped under the main levels, and its hegemony has declined a little. Of course, this referred to the capital that was recycled outside the ecosystem, which sparked a decline in “market leadership”.
This promotion, Altseass is not operated. The index did not slip from the highest monthly level from 56 to 51.
In fact, while it was held above 50, we were far from a full season. After saying this, the “noise” may exceed the reality in this session.
Blue chip encryption gains are misleading
This course was driving the blue slide encryption, where BTC and ETH led most flows. BTC criticized four levels ever this year, while ETH has not yet broken, although it came within 3 % last week.
In addition, ETH dominance was 14 %, the highest level since last November. However, her The maximum market It is still late 2021 $ 550 billion peak. BTC, at the same time, set a standard 2.4 trillion dollars.
The bottom line: ETH is still playing with the knees.
The maximum BTC -TTH market has expanded to 1.865 trillion dollars from 750 billion dollars four years ago, which means that BTC has exceeded ETH by 2.5 x this session.
Source: Coinmarketcap (the maximum bitcoin market)
This difference suggested that the market may be more than noise.
Certainly, bitcoin dominance [BTC.D] Slipped from 65 % in mid -June to 59 %, while hegemony is ethereum [ETH.D] Jumped from 9.5 % to 14 %, indicating the relative performance of ETH.
However, we are still anywhere near the full Altseason.
Main meals? Eth.D power alone did not refer to Altseason. In fact, the market made a mistake in the relative ETH gains for a wider rotation.
Bitcoin is still the northern star of the market
The encryption market has turned into suspension, and altcoins They feel the dance.
Total2 (CAP EX-BTC MARKET) achieved 4.56 % this week, with more than $ 100 billion, while Bitcoin decreased by 3.1 % to $ 2.27 trillion. In short, Altcoins is a weak performance in BTC where merchants rotate and get rid of their sites.
Ambrypto viewpoint: Altseason “noise” exaggerates rotating.
Capital prefers BTC while Altcoins is late. When supporting this, ETH.D decreases only by 2 %, and signals are traded from the rest of the alternative area.
Source: Blockchaincentter
The result? The Altseason index slipped to 51 out of 56 last week, which represents a fourth failed break this year. all Former attempt Less than 60 stopped with capital rotation again to BTC.
History seems to be repeated.
Even with BTC.D dipped, the Bitcoin market share is still outpering any alternative, while maintaining the lights on BTC. In short: the noise speaks, but the market is still working on bitcoin bars.
