"You can take a look first which altcoins have fallen, who knows this is your chance to save."
Santiment, on-chain data shows altcoins now including Basic Attention Token (BAT), Chromia (CHR) and Highstreet (HIGH) have been in a buy zone that could potentially erase this week's losses. Here are three reasons why altcoins are already seeing buy signals.
One of the reasons is that the altcoin market capitalization rose over 77% in 12 months, where the crypto market capitalization excluding Bitcoin (BTC) jumped from $551.9 billion on July 3, 2023 to over $1 trillion on July 3, 2024.
The market capitalization that increased by over 77% not only shows the increase in demand for altcoins but also its increasing dominance over BTC and the interest generated among investors.
Additionally, the Sentiment Mean Value to Realized Value (MVRV) metric which is commonly used to identify local tops and bottoms has shown altcoins BAT, CHR and HIGH have potentially profitable entries.
Data from Santiment compares the mid-term average returns of each wallet across nearly all altcoins and then states that traders are doing well or experiencing unrealized losses.
The last reason why altcoins are already seeing buy signals is that altcoins are now already in the accumulation phase with the analyst behind the X handle @el_crypto_prof stating that altcoins have completed wave 1.
So here it can be seen that the analyst may be referring to Elliott Wave Theory which identifies impulse waves that set patterns and corrective waves.