{"id":583657,"date":"2024-02-28T22:00:23","date_gmt":"2024-02-28T22:00:23","guid":{"rendered":"https:\/\/uniquehot.com\/?p=583657"},"modified":"2024-06-11T07:23:03","modified_gmt":"2024-06-11T07:23:03","slug":"altcoin-market-cap-wyckoff-accumulation-phase-ethereum-xrp-fly","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/altcoin-market-cap-wyckoff-accumulation-phase-ethereum-xrp-fly\/","title":{"rendered":"Altcoin Market Cap Break From &#8220;Wyckoff Accumulation Phase&#8221;: Will Ethereum, XRP Fly?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">In a post on X, one analyst\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/thescalpingpro\/status\/03555781\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">observes<\/span><\/a><span data-preserver-spaces=\"true\"> that the altcoin market capitalization has broken from the Wyckoff accumulation phase. With this upswing, the trader expects altcoin prices to move higher. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This refreshing breakout coincides with Bitcoin&#8217;s (BTC) stellar performance when writing on February 28. At spot rates, the coin is trading above $60,000, a psychological round number- now supported- and is closely approaching $70,000.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The Altcoin Breakout From Accumulation<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The &#8220;Wyckoff accumulation pattern&#8221; is a concept developed by technical analysts to pick out potential buying opportunities, in this case, altcoins. Whenever prices are in this phase, it is widely believed that the so-called &#8220;smart money&#8221; or large institutional players are accumulating at low prices.\u00a0<\/span><\/p>\n<figure id=\"attachment_583689\" aria-describedby=\"caption-attachment-583689\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-583689\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHZ7FE3XUAA80w-.jpg?resize=1024%2C674\" alt=\"Altcoin market cap breaking out | Source: Analyst on X\" width=\"1024\" height=\"674\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHZ7FE3XUAA80w-.jpg?w=1201 1201w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHZ7FE3XUAA80w-.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHZ7FE3XUAA80w-.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHZ7FE3XUAA80w-.jpg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHZ7FE3XUAA80w-.jpg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/GHZ7FE3XUAA80w-.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-583689\" class=\"wp-caption-text\">Altcoin market cap breaking out | Source: Analyst on X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Currently, prices consolidate at tight ranges and with low trading volumes. A signal marking the end of this accumulation is a sharp breakout, lifting prices above the defined range. Often, this upswing is with rising trading volume.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/eth\/ethereum-price-primed-to-hit-3-5k\/\" target=\"_blank\" rel=\"noopener \">Ethereum Price Primed To Hit $3.5K After Bitcoin Rallies Past $60K<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Looking at the chart, the altcoin market cap has broken above the accumulation phase. With previous resistance and support, the altcoin market cap will likely continue floating higher. As such, top altcoins, including Ethereum (ETH), Solana (SOL), and <a href=\"https:\/\/uniquehot.com\/news\/xrp-sinking-a-double-blow-of-underperformance-and-address-exodus\/\" target=\"_blank\" rel=\"noopener \">XRP<\/a>, will follow suit, posting fresh 2024 highs.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Why Spot Bitcoin ETFs Give BTC Edge In This Bull Run<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">So far, Bitcoin is leading the way, posting over $10,000 in less than a week. However, with the coin trading above $60,000, its demand-side drivers differ entirely from what&#8217;s influencing altcoins. The approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) has seen billions of dollars flow to the world&#8217;s first cryptocurrency.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Therefore, while altcoins have historically outperformed BTC when crypto prices rally, there is an edge with spot Bitcoin ETFs. As such, this bull run will likely differ from 2017 and 2021. This forecast is because institutions will likely favor a regulated asset over altcoins whose status remains undefined.\u00a0<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/teZ47WRZ\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/teZ47WRZ\/\" alt=\"Ethereum price trending higher on the daily chart | Source: ETHUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Ethereum price trending higher on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/teZ47WRZ\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">As of late February 2024, the United States SEC has not approved spot ETFs of any altcoin, including that of Ethereum. Additionally, the agency has labeled several top altcoins, including Cardano (ADA), unregistered securities. The agency even filed lawsuits against major exchanges like Binance and Coinbase, accusing them of facilitating the trading of what the commission described as &#8220;unregistered securities.&#8221;<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/xrp-news\/german-vc-ceo-xrp-world-reserve-bridge-currency\/\" target=\"_blank\" rel=\"noopener \">CEO Of German VC Firm Predicts XRP To Become \u2018World Reserve Bridge Currency\u2019<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">It is not immediately clear whether the United States SEC will change their preview of leading altcoins, especially Ethereum (ETH), which has a market of over $400 billion. Wall Street heavyweights like BlackRock and Fidelity remain interested in launching spot Ethereum ETFs.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a post on X, one analyst\u00a0observes that the altcoin market capitalization has broken from the Wyckoff accumulation phase. With this upswing, the trader expects altcoin prices to move higher. This refreshing breakout coincides with Bitcoin&#8217;s (BTC) stellar performance when writing on February 28. At spot rates, the coin is trading above $60,000, a psychological round number- now supported- and is closely approaching $70,000.\u00a0 The Altcoin Breakout From Accumulation The &#8220;Wyckoff accumulation pattern&#8221; is a concept developed by technical analysts to pick out potential buying opportunities, in this case, altcoins. Whenever prices are in this phase, it is widely believed that the so-called &#8220;smart money&#8221; or large institutional players are accumulating at low prices.\u00a0 Currently, prices consolidate at tight ranges and with low trading volumes. A signal marking the end of this accumulation is a sharp breakout, lifting prices above the defined range. Often, this upswing is with rising trading volume.\u00a0 Related Reading: Ethereum Price Primed To Hit $3.5K After Bitcoin Rallies Past $60K Looking at the chart, the altcoin market cap has broken above the accumulation phase. With previous resistance and support, the altcoin market cap will likely continue floating higher. As such, top altcoins, including Ethereum (ETH), Solana (SOL), and XRP, will follow suit, posting fresh 2024 highs.\u00a0 Why Spot Bitcoin ETFs Give BTC Edge In This Bull Run So far, Bitcoin is leading the way, posting over $10,000 in less than a week. However, with the coin trading above $60,000, its demand-side drivers differ entirely from what&#8217;s influencing altcoins. The approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) has seen billions of dollars flow to the world&#8217;s first cryptocurrency. Therefore, while altcoins have historically outperformed BTC when crypto prices rally, there is an edge with spot Bitcoin ETFs. As such, this bull run will likely differ from 2017 and 2021. This forecast is because institutions will likely favor a regulated asset over altcoins whose status remains undefined.\u00a0 As of late February 2024, the United States SEC has not approved spot ETFs of any altcoin, including that of Ethereum. Additionally, the agency has labeled several top altcoins, including Cardano (ADA), unregistered securities. The agency even filed lawsuits against major exchanges like Binance and Coinbase, accusing them of facilitating the trading of what the commission described as &#8220;unregistered securities.&#8221; Related Reading: CEO Of German VC Firm Predicts XRP To Become \u2018World Reserve Bridge Currency\u2019 It is not immediately clear whether the United States SEC will change their preview of leading altcoins, especially Ethereum (ETH), which has a market of over $400 billion. Wall Street heavyweights like BlackRock and Fidelity remain interested in launching spot Ethereum ETFs.\u00a0 Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":574820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[34800,142,428,679,1119,78790,12332,6931,78803,3799,89583,4531],"class_list":["post-583657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin-market-cap","tag-altcoins","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-cardano","tag-ethereum-price","tag-ethusdt","tag-sec","tag-spot-bitcoin-etfs","tag-xrp"],"acf":[],"yoast_head":"\n<title>Altcoin Market Cap Break From &quot;Wyckoff Accumulation Phase&quot;: Will Ethereum, XRP Fly?<\/title>\n<meta name=\"description\" content=\"Altcoin market cap has broken from the Wyckoff accumulation phase. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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