Welcome back,
The current market situation is quite painful for traders. We saw a massive dump in Bitcoin from 125000 dollars to 108000 dollars.
That is a correction of 14% in Bitcoin, which is not small. Bitcoin's dominance has been decreasing for the last couple of days, and that is why, even though Bitcoin saw a downfall of 14%, alts have seen a downfall of only 15–25%. Unlike the other days when Bitcoin dominance was at its peak, if Bitcoin dumps by 5–10%, alts used to dump by almost twice the value of Bitcoin.
It clearly shows how the strength is shifting from Bitcoin towards Ethereum, and if the cycle goes well, then this strength will obviously shift towards the top altcoins and then the low cap altcoins as well.
If you do not know about the different types of altcoins, then I am going to give a short definition of them. There are three types of altcoins; large cap, mid cap, and small cap. Basically, the coins that most retailers or common people hold are mid cap or low cap altcoins, which are below the one billion dollar market cap and the one hundred million dollar market cap.
So for now, I think we do not need to panic. The current market situation is actually in favor of the altcoins and Ethereum. The dominance of Bitcoin should fall further, and I think I recently shared a post on Bitcoin dominance and how it can fall as low as 51–52% in the coming weeks.
If that actually happens, then all coins will finally make their last run for this bull cycle, and after that the bear cycle will start, where we will see heavy bleeding in almost every coin, including Bitcoin as well. So everyone, if you have been patient till now, I request you to stay patient for a few more months. Maybe by the end of November or December, we will see the coins performing at their best. So hold on to your bags and just do not give up. I hope the market will reward us.
These dumps are just opportunities, and if there is someone who is new to trading, they can maybe take their entries in some top gem coins like SUI token, Aptos token, and LDO token. These are some tokens where you can take entries. I am not a financial advisor, but these are the tokens I am looking forward to, so I have shared them here. Do your own research and buy them at your own risk.
One more thing I would like to say. Even though the market has crashed a lot please stay away from futures and leverages as you can end up losing a lot of money during this manipulation. Even if you are doing it do not go with more than 5-10% of your total portfolio value so that even in case of 100% loss you only lose 10% of your total portfolio.
Thank you, and happy trading everyone.