The altcoin market cap is testing the edge of record territory, with prices consolidating just below all-time highs. This is often a make-or-break zone: either prices break out into new territory or face rejection before another pullback. Right now, the charts show consolidation, which in past cycles has been the calm before a bigger move.
Ethereum is also making noise. A long-time Bitcoin holder sold around 4,000 BTC and used the funds to buy almost 96,000 ETH in one shot, worth more than $430 million. That wallet now holds over 837,000 ETH in total.
This kind of shift is a strong signal. Just months ago, Ethereum was written off by many on crypto Twitter. Today, it has climbed from $1,400 to $4,300, proving resilience and making it a leader in this rotation phase.
Current data shows the market isn’t overheated yet. Altcoin risk scores are around 30, which is considered low, while Bitcoin has cooled from higher levels. In other words, this doesn’t look like the top of the cycle.
The pattern from past years shows a familiar order: money first flows from Bitcoin to Ethereum, and then trickles into smaller altcoins. That process seems to be underway now.
The next big test is whether altcoins hold support at their 20- and 50-week moving averages. If they do, it could set up the start of a full altcoin season. If not, another dip toward the 200-week average may come first.
Either way, the bigger trend is clear: the market is still in the build-up phase, not at the end. The key word is when the next bull run arrives, not if.
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