Bitcoin and select altcoins continue to pack on gains and the current record-low volatility and hope for positive macroeconomic data could see the rally extend in the short-term.
). This provides an opportunity for buyers to push the price up and hunt the stop-loss liquidity of perpetual swap sellers.In the first week of January 2023, a Solana-based meme coin named BONK experienced a whooping 25x surge. The rise symbolized the degenerate gambling spirit that was prevalent during the 2021 to 2022 bull run. Bear markets, on the other hand, tend to promote caution among traders.
The sustainability of the bullish altcoin run is questionable, especially since the underlying trend remains bearish. It’s difficult to identify the fundamental catalyst supporting this bull run, and Bitcoin’s price trades below the resistance between $18,200 and $19,000. Thus, the uptrend will likely fade as buyers get exhausted.
Both altcoin market capitalization and Bitcoin’s price have lost 75% of their value from the peak, as opposed to altcoin losses surpassing Bitcoin.An exception to the above rule can be due to Ether’s increasing dominance in the market. Ethereum has maintained its market dominance around 20% with technical breakthroughs such as the shift to a energy-friendly proof-of-stake mechanism and reduced inflation supporting its price strongly despite the negative trend.
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