Analysis: "Altcoin Investors Disappear... Market Slump Persists Despite Bitcoin Rise"
Heecheol Yang
Summary
- It was reported that the altcoin market remains sluggish even as Bitcoin hovers around the $104,000 level.
- It was stated that the one-year cumulative buy-sell order gap for altcoins (excluding Bitcoin and Ethereum (ETH)) reached -$36 billion.
- On-chain data analysts predicted it would be difficult to expect an altcoin season unless this indicator turns upward.
While Bitcoin (BTC) is hovering around the $104,000 level, the altcoin market still cannot break free from its slump.
According to CryptoQuant on the 19th (local time), the cumulative one-year buy-sell order gap for altcoins, excluding Bitcoin and Ethereum (ETH), recorded -$36 billion (USD). This indicator, which turned positive in December last year—signaling a short-term high for altcoins—has been declining ever since.
On-chain data analysts said, "Altcoin investors have disappeared from the market," and forecasted, "Unless this indicator reverses upward again, it will be difficult to expect a full-fledged altcoin season."
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
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