When Bitcoin (BTC) traded at a price above $ 20,000, Satoshi Nakamoto's assets were found to be quite difficult to push the price of altcoins to high levels.
Analysts assume a staggered surge due to the stagnant volume of altcoin market capitalization.
Back when BTC created a record high of 2017, the FOMO phenomenon and the dumping of capital into the crypto market created an ‘altcoin season’ with Ethereum (ETH) setting a record price of up to $ 1,400, XRP surpassing $ 3.58 per coin, including other altcoins.
However if the restrictions are resolved, there is no resistance left and this makes it easier for the entire asset class to catch up with Bitcoin.
If you look at the altcoins capital balance of more than $ 200 billion, the price movement based on the monthly chart failed to hit the resistance on the Ichimoku cloud and this is not a good sign for the asset class.
Ichimoku cloud (Kumo) can act as support or resistance and each cloud size shows price movement, just like Bollinger Band.
Kumo also shows past, current and future price movements suggesting a prolonged phase of price decline.
However, if the total capitalization of the altcoins market succeeds, so it is not impossible that the altcoins season will return.
At this time with negative sentiment surrounding these assets and institutional investor attention towards Bitcoin, it is difficult to anticipate if altcoins will hit ATH again.
