The big pivot across the crypto market is taking place. Breakouts are happening across the board as traders and investors push the market higher in expectation of the Trump inauguration effect.
Trump boosts cryptocurrency
Times such as these have probably never been seen before. The world is at a financial turning point, and the lifetime of fiat currencies has arguably come to its useful end. In their place will be digital value of one kind or another, and this is likely to come from the innovative world of crypto.
A major pivot point for this new world is the incoming administration of Donald Trump. Not only is Trump pro-Bitcoin, but he is also recognizant of the innovational potential of cryptocurrencies, to which end he has designated cryptocurrency as a national priority. It’s with this kind of a backdrop that we look at the altcoins.
Total3 big breakout
Source: TradingView
Total3 is the chart of the combined market capitalisation for all cryptocurrencies, excluding $BTC and $ETH. This gives the picture of how altcoins are getting on, and as can be seen by the chart, this looks to be fast and furious.
The breakout from the triangle surpassed the $1 trillion market cap, and this has now grown to $1.09 trillion. The new all-time high was set a few weeks ago at the top of the triangle at $1.16 trillion, and it would seem that this will not last for long. The 1.618 Fibonacci is at $1.65 trillion.
Bitcoin Dominance rejection at 58.6%
Source: TradingView
Bitcoin Dominance looks as though it has been rejected at 58.6%. If this is confirmed at the end of this week, a further fall down to 54% and then 51% are possible. This could augur a huge altseason, but this will entirely depend on how intense a potential Bitcoin surge could be.
$SOL one of the major beneficiaries
TradingView
Solana ($SOL) is likely to be a big beneficiary of this altcoin rally, with rumours that the Trump administration could back cryptocurrencies such as $SOL and $XRP.
$SOL is in the process of breaking out of its downtrend on the weekly time frame after the price came down to perfectly touch the 0.618 Fibonacci. At the bottom of the chart, the Stochastic RSI could be about to signal huge upside price momentum, which may be confirmed at this week’s close.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
