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Home Cryptocurrency news Bitcoin

Bitcoin Drags Total Crypto Market Cap Back Below Key Level as Altcoins Shine

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin altcoins crypto drag moving average
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Last week’s explosion in growth across Bitcoin and the altcoin market caused the total cryptocurrency market cap to all break above the 200-day moving average – an important level that smart money often trades based on.

However, Bitcoin has failed to hold above the same moving average and may have dragged the total crypto market back below the critical indicator.

Total Crypto Market Fails To Hold Above 200-Day Moving Average

Last week, various altcoins across the cryptocurrency market broke through downtrend resistance, causing them to go on massive rallies alongside Bitcoin with gains of 40% or more over the last 30 days.

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Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend

The total aggregate of capital the buying frenzy caused added over $25 billion to the overall altcoin market cap and caused the price to burst through the 200-day moving average.

total crypto market price chart

The 200-day moving average is a line calculated using the price of an asset over the last 40-week’s worth of trading sessions, providing traders with a look at the long-term health of the asset.

When price is trending above the moving average, it’s seen as bullish, and the reverse is true if price is trading below it.

The recent break of the altcoin market above the 200-day moving average is significant to smart money and institutional investors who may see the signal as a time to start buying crypto again.

The rise of altcoins also helped carry Bitcoin to a new local high and pushed the overall total crypto market cap over the 200-day moving average as well.

However, after five daily closes above the 200-day moving average on the total crypto market chart, price has now fallen back below it for two consecutive daily closes.

altcoin market cap price chart total2

bitcoin usd price chart

Is Bitcoin Responsible for Dragging Altcoins Down?

When comparing the location of the 200-day moving average of altcoins versus Bitcoin, it’s clear to see that Bitcoin could be the cause of the overall crypto market falling back below the important indicator.

As can be seen on Bitcoin’s price chart above, the largest cryptocurrency by market cap couldn’t close not even one full day above the 200-day moving average, leaving behind a nasty looking wick into it.

Bitcoin’s inability to break through the 200-day moving average as altcoins have could be a sign that the bear market isn’t actually over.

Another theory is that bearish sentiment surrounding Bitcoin could be keeping altcoins at bay, much like bearish sentiment in the altcoin market caused Bitcoin’s 2019 rally to top.

Related Reading | Altcoin Market Bottoms With Highest Buy Volume in Crypto History

Until the total crypto market breaks over the 200-day moving average and holds, with Bitcoin leading the charge, altcoins and the rest of crypto may have more crypto winter to suffer through before a bull market finally returns.

Tags: altcoinsbitcointotal crypto market captradingview
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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