Bitcoin Underperformance Precedes ‘Insane Altcoin Rally,’ Expert Warns Of Repeat

Name	Symbol	Market	Market Cap ($)	Algorithm
Solana	SOLUSD	Crypto	63,004,828,393	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Solana

SOLUSD

Crypto

63,004,828,393

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.930	0.65%	143.20	143.19	143.20

Price Change

Price Change %

Current Price

Bid Price

Offer

0.930

0.65%

143.20

143.19

143.20

High Price	Low Price	Open Price	Prev. Close	52 Week Range
144.43	138.81	142.62	142.27	17.34 - 210.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

144.43

138.81

142.62

142.27

17.34 - 210.00

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	00:18:41	4.65	142.98	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

00:18:41

4.65

142.98

USD

Price x Volume	Volume	Base Symbol	Related Pairs
96,494,475.75	681,538.01	SOL	SOLEUR	SOLGBP	SOLBTC

Price x Volume

Volume

Base Symbol

Related Pairs

96,494,475.75

681,538.01

Bitcoin Underperformance Precedes ‘Insane Altcoin Rally,’ Expert Warns Of Repeat

21/08/2024 12:00pm

NEWSBTC

According to market expert Jamie Coutts, after an extended period of consolidation and lackluster performance by the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), the market may be poised for a resurgence. Coutts believes the ingredients are in place for a broad altcoin rally, following in the footsteps of the “insane” bull run of 2020-2021. Altcoin Revival On The Horizon? The key catalyst, Coutts says, is the influx of global liquidity that is starting to accelerate. He notes that Bitcoin lags behind the upward movement in the broader M2 money supply, a crucial indicator of market trends. Coutts explained that the ingredients and progression for a broad altcoin rally are normally in place. Related Reading: Solana (SOL) Continues Sideways Move As Outflows Record $39 Million Coutts’ analysis also highlights the underperformance of Ethereum (ETH) relative to Bitcoin, with the ETH/BTC ratio continuing to “bleed out” after a brief bullish signal in June. However, he believes this presents an opportunity, as ETH is likely oversold based on its historical performance against BTC. While the crypto market landscape remains choppy, with Bitcoin consolidating and altcoins testing the upper end of their downtrend channels, Coutts believes the pieces are falling into place for a renewed surge. The market expert emphasizes that the “Crypto Top 40 Advance/Decline Line (ADL)” needs to start leading price action and flip positive to signal a true market turnaround. Bitcoin Generating ‘Outsized Returns’ Reflecting on recent market events, Coutts highlights a notable oversold reading during the Yen carry unwind event, signaling significant assets hitting 6-month lows. The percentage of assets above their 200-day moving average (MA) remains at a modest 25%, indicating a general sense of ambivalence in the market. Regarding performance, only 13% of the top assets are outperforming Bitcoin, suggesting a phase where selective high-quality assets are poised to bottom out and excel once the bull market resumes. Coutts mentions specific coins like TRON and TON, which have demonstrated adoption amidst market pullbacks. Coutts maintained that the ingredients and progression for a broad altcoin rally are starting to come together. These include the assets being “extremely oversold, unloved and under-owned,” global liquidity turning higher in a “meaningful way,” and bitcoin generating “outsized returns” that allow weak holders to recycle profits into altcoins. Related Reading: Shiba Inu Secures Community Support To Rally To $1, Here’s How Reinforcing Coutts’ bullish stance, Julio Moreno, head of research at data analytics firm CryptoQuant, pointed to the stablecoin market capitalization reaching a fresh record high above $165 billion. Moreno argues that this “implies higher liquidity in the crypto markets” – a key ingredient for the next crypto bull run. At the time of writing, BTC is trading at $60,830, up over 3% in the 24-hour time frame. Further consolidation above this level will be key for Bitcoin’s recovery in the coming days. Featured image from DALL-E, chart from TradingView.com

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SOLUSD Solana