The price actions that started with Ethereum caused other altcoins to rise again. Especially Ethereum testing a new historical peak means that another bull leg will start in other Layer 1 coins for us. Of coursei there is no rule that this will happen out of nowhere just because it happened once; first of all “some” conditions need to be met in the market.
We have to start with a precondition, a black swan event can disrupt all our plans.
There needs to be a decline in bitcoin dominance level. This may cause a decline in price, but no matter what the situation is there are important levels that need to be followed, the first of these is the $92K and if it is not held here, the $88K levels. During this process, it seems more likely that $BTC will be in the red but other altcoins will start to rise instead of falling. This divergence that will occur may be one of the first indicators of the long-awaited bull market.
The second expectation is that Ethereum will test the ATH again. If it takes place, other altcoins will now be considered as a criterion for proximity to the ATH prices. New crypto investors entering the market may think that “coins that have not tested their historical peaks will definitely gain value and test the ATHs, thus I should buy them while they are cheap”. When we look at a casual crypto market cycle, this event can be seen as a prerequisite for a new peak to occur.
We are above an important level in ETH price. A weekly close can directly start to target $5K and the rest will be "price discovery zone" 🔥
When we come to today's conditions, many people almost definitely see the price increase in artificial intelligence coins and the value gain in L1 & L2 tokens. These 2 strong stories will of course support the flow of money to other cheap crypto categories. The memecoins that no longer have the power of the past will give way to the real owners of the place. In fact, this will allow new investors to enter the joke cousins on the one hand, and on the other hand, it will ensure that the cryptocurrencies we have been holding for years come to at least breakeven.
Under these conditions, some value shifting from $BTC to other altcoins can be seen as a healthy part of the process. A cryptocurrency market where only bitcoin goes up means that almost seventy percent of investors cannot make any profit. Unfortunately, the at least 50% bitcoin investment strategy that we often discuss is seen as quite boring and unprofitable for many people. Yet, we see that the bitcoin dominance that has reached over 60% shows that history repeats itself and that experience in crypto is the key to survival and better earnings.
I have lost much money so far and neglected to take profits from the blow-off top points. However, it seems that we will have a lot of opportunities to make up for past mistakes in the bull season. Compared to a few years ago, today we are in a market where countries, companies, fund managers, individual investors, and young people come together and try to develop and make profits. All we need now is for the domino effect to trigger each other in a positive environment. When local peaks allow us to move from one sheep to another, we must catch the market flow. When the time comes, the Social-Fi category will bring us to unbelievable levels in HIVE and LEO prices. This has happened before and will happen again. We have now moved from anxious times in red markets to patient tests in green markets.
What do you think about the price actions and ETH's performance?
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Hive On ✌️
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