Anyway, for the month of April, TOTAL2 closed at $1.073 Trillion. It closed at $1.198 Trillion in August. This tells us that the majority of the space is still in a bull market (at least in terms of market capitalization). TOTAL2 also never closed below the 9 month (orange), while Bitcoin closed below it in June.
I do think sentiment particularly in the altcoin market is very frothy. Despite this, the market can continue up, and the next move can be quite explosive. As they say, “the market can stay irrational longer than you can stay solvent.” If we see something like that, with everything going up suddenly in rocket-style fashion, I think it’s likely to end in a blowoff top (similar to 2017). TOTAL2 will not be in a until the monthly trend reverses. Even in 2018, alts didn’t really continue making monthly highs once Bitcoin topped.
Does this tell us that Bitcoin itself hasn’t topped yet?
That’s it! We’ll see. Very interesting times. I’ll write a more philosophical post soon, but for now back to my other work. Thank you for your support! This is not financial advice. This is meant for speculation and entertainment only.