Everyone’s Out. Now We Run It Back.
Altcoins have lagged Bitcoin all cycle.
But I think that's changed today.
There’s no cleaner way to kick off the altcoin season everyone’s been waiting for than to liquidate everyone first… and then run it higher.
Last weekend, crypto went through the largest crash in its history. Over $20B in long positions wiped out in a single day.
And yet… Bitcoin barely flinched.
The total crypto market cap is still holding its 2024 breakout levels.
As long as these 2024 highs remain intact, the bull market continues.
The real damage was in the smaller altcoins — the forgotten names.
They’ve been the underdogs of this entire cycle, overshadowed by the blue chips soaking up institutional flows.
But years of positioning were flushed out in hours.
I can’t emphasize enough how severe this was: most of these coins plunged 80%+ in a single day. There is a significant demographic of crypto traders that got completely wiped out.
This is precisely the catalyst that will enable altcoins to finally have their day in the sun; I think this ratio bottomed this weekend.
The biggest purge in crypto history just cleared the runway.
In a few months, everyone will look back at this and say the same thing they always do at major turning points.
“It was so obvious.”
From where the sun rises first,
Louis Sykes
Senior Crypto Analyst, All Star Charts